|
Report No. : |
308245 |
|
Report Date : |
14.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
KYUNG IN CORPORATION |
|
|
|
|
Registered Office : |
33, Gyeongin-Ro 1024beon-Gil, Bupyeong-Gu, Incheon, Korea403-811 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
27.05.1966 |
|
|
|
|
Com. Reg. No.: |
122-81-08354 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Other Weaving of Textiles (Tarpaulins, PVC-Coated Industrial Fabrics,
Compound Resin Conveyor Belt Fabrics, Structure Fabrics, Boat Fabrics,
Banner) |
|
|
|
|
No. of Employees : |
116 |
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 : |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
KYUNG IN CORPORATION |
|
Registered Address |
33,
Gyeongin-ro 1024beon-gil, Bupyeong-gu, Incheon, Korea (Old Address System : 248, Bugae 1-dong, Bupyeong-gu, Incheon, Korea) |
|
Building |
- |
|
Zip Code |
403-811 |
|
Tel |
+82-32-529-8762 |
|
Fax |
+82-32-529-8766 |
|
E-mail |
|
|
Website |
|
|
|
|
|
Trading Address |
33, Gyeongin-ro
1024beon-gil, Bupyeong-gu, Incheon, Korea (Old Address System : 248, Bugae 1-dong, Bupyeong-gu, Incheon, Korea) |
|
Tel |
+82-32-529-8762 |
|
Fax |
+82-32-529-8766 |
|
Other Address |
54-3, Namgwan-ri, Pungse-myeon, Dongnam-gu,
Cheonan-si, Chungcheongnam-do, Korea |
|
|
|
|
Type |
Export/Import |
|
Industry |
Other Weaving of Textiles |
|
Main Business |
Tarpaulins, PVC-Coated Industrial Fabrics, Compound Resin Conveyor Belt
Fabrics, Structure Fabrics, Boat Fabrics, Banner |
|
|
|
|
Established (mm/dd/yyyy) |
05/27/1966 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Tarpaulins(24141506) |
|
Sell |
Conveyor belting(24101715) |
|
Sell |
Marine environmental control systems(25172703) |
|
Sell |
Specialty fabrics or cloth(11162100) |
|
Sell |
Coated fabrics(11162112) |
|
Buy |
Plasticizers(12162000) |
|
Buy |
Sun protection products(53131609) |
|
Buy |
Polyester yarn(11151703) |
|
Name |
Choi Baik-Kyung |
|
Address |
Suite 202, 50, Sinbanpo-ro 33-gil,
Seocho-gu, Seoul, Korea |
|
Date of Birth |
01/06/1955 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
500,000,000 |
|||||||||||||||||||||||||||||||||
|
Employees |
116 |
|||||||||||||||||||||||||||||||||
|
Formation |
Co., Ltd by Shares |
|||||||||||||||||||||||||||||||||
|
Bank Details |
Industrial Bank of Korea-Sales Dept. Woori Bank-Nam Dong Cluster Branch Suhyup Bank-Jungbu Corporate Branch |
|||||||||||||||||||||||||||||||||
|
Corporate Registered No. |
120111-0001602 |
|||||||||||||||||||||||||||||||||
|
Business Registered No. |
122-81-08354 |
|||||||||||||||||||||||||||||||||
|
Permit & Licenses |
11/15/2003 ISO 14001 11/15/2003 ISO 9001 08/13/1999 ISO 9001 Int’l Trade No.: 942728 |
|||||||||||||||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||||||||||||||
|
Company History |
05/27/1966 Incorporated as Kyung In Steel
Co., Ltd. 11/25/1988 Changed company name to the
present name 03/01/1995
Changed administrative address section to the present one from 17-8, Gyeongin-ro
1092beon-gil, Bupyeong-gu, Incheon, Korea (Old Address System : 330, Bugae
1-dong, Bupyeong-gu, Incheon, Korea) |
|||||||||||||||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Choi Baik-Kyung |
Male |
Korean |
03/28/2002 |
|
Director |
Mr. |
Choi Chung-Kyung |
Male |
Korean |
03/30/2000 |
|
Director |
M/S. |
Choi Hee-Kyung |
Female |
Korean |
03/27/1999 |
|
Auditor |
M/S. |
Ji Young-Sook |
Female |
Korean |
03/27/1999 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2013 |
50,356,983,537 |
86,433,683,865 |
1,497,027,179 |
|
2012 |
54,271,483,085 |
81,356,361,008 |
2,315,460,703 |
|
2011 |
56,784,162,779 |
78,712,747,604 |
628,687,238 |
|
2010 |
43,373,038,195 |
73,879,506,796 |
302,596,894 |
|
2009 |
39,694,481,022 |
68,969,348,878 |
238,526,625 |
|
Authorized Capital(KRW) |
900,000,000 |
|
Paid-Up Capital(KRW) |
500,000,000 |
|
Total Issued Shares |
100,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
86,433,683,865 |
81,356,361,008 |
78,712,747,604 |
|
Current Assets |
34,230,527,486 |
29,423,600,894 |
28,770,178,871 |
|
-Quick Assets |
17,572,268,361 |
14,455,969,724 |
15,373,291,278 |
|
-Inventories |
16,658,259,125 |
14,967,631,170 |
13,396,887,593 |
|
Fixed Assets |
52,203,156,379 |
51,932,760,114 |
49,942,568,733 |
|
-Investment |
17,374,999,486 |
17,325,472,669 |
14,950,465,327 |
|
-Tangibles |
33,025,528,945 |
33,150,745,316 |
34,150,012,667 |
|
-Intangibles |
1,712,291,948 |
1,368,206,129 |
774,628,739 |
|
-Others |
90,336,000 |
88,336,000 |
67,462,000 |
|
Total Liabilities |
52,565,412,256 |
49,090,638,947 |
48,762,486,246 |
|
Current Liabilities |
47,750,688,329 |
39,355,540,200 |
40,107,232,614 |
|
Fixed Liabilities |
4,814,723,927 |
9,735,098,747 |
8,655,253,632 |
|
Capital Stock |
500,000,000 |
500,000,000 |
500,000,000 |
|
Capital Surplus |
3,345,251,463 |
3,345,251,463 |
3,345,251,463 |
|
Profit Surplus |
9,911,763,266 |
8,414,736,087 |
6,099,275,384 |
|
Capital Adjustment |
20,111,256,880 |
20,005,734,511 |
20,005,734,511 |
|
Total Equity |
33,868,271,609 |
32,265,722,061 |
29,950,261,358 |
|
Liab. & Shareholder’s Equity |
86,433,683,865 |
81,356,361,008 |
78,712,747,604 |
|
Current
Liabilities |
47,750,688,329 |
39,355,540,200 |
40,107,232,614 |
|
Trade Payables |
4,627,246,527 |
4,043,149,546 |
6,251,519,966 |
|
Account Payables |
82,233,289 |
148,150,498 |
57,195,915 |
|
Short-Term Borrowings |
32,924,186,260 |
27,590,525,060 |
25,819,500,000 |
|
Accrued Expenses |
792,408,899 |
857,515,781 |
959,837,642 |
|
Advance Receipts |
562,228,157 |
525,014,207 |
441,731,092 |
|
Withholdings |
37,303,897 |
35,746,178 |
23,174,673 |
|
Accrued Income Tax |
85,071,300 |
113,618,930 |
0 |
|
Current Portion of Long-Term
Debts |
1,441,720,000 |
6,041,820,000 |
556,640,000 |
|
Current Portion of Debentures |
5,200,000,000 |
0 |
6,000,000,000 |
|
Current Portion of Convertible
Bonds |
1,999,940,000 |
0 |
|
|
Fixed
Liabilities |
4,814,723,927 |
9,735,098,747 |
8,655,253,632 |
|
Debentures |
0 |
5,200,000,000 |
0 |
|
Long-Term Borrowings |
3,879,820,000 |
1,821,540,000 |
5,963,360,000 |
|
Convertible Bonds |
0 |
1,999,940,000 |
1,999,940,000 |
|
Leasehold Deposit Received |
100,000,000 |
100,000,000 |
100,000,000 |
|
Provision for Severance &
Retirement |
2,819,498,070 |
2,580,301,836 |
2,518,282,980 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
50,356,983,537 |
54,271,483,085 |
56,784,162,779 |
|
Cost of Sold Goods |
41,910,149,335 |
45,369,354,202 |
48,575,124,629 |
|
Gross Profit |
8,446,834,202 |
8,902,128,883 |
8,209,038,150 |
|
Selling & Admin. Expenses |
5,357,303,519 |
5,530,834,100 |
5,452,891,224 |
|
Operating Income |
3,089,530,683 |
3,371,294,783 |
2,756,146,926 |
|
Non-Operating Income |
1,523,520,317 |
3,166,828,709 |
1,167,154,387 |
|
Non-Operating Expenses |
2,978,752,206 |
4,108,595,139 |
3,294,614,075 |
|
Income Before Taxes |
1,634,298,794 |
2,429,528,353 |
628,687,238 |
|
Income Taxes Expenses |
137,271,615 |
114,067,650 |
0 |
|
Net Income |
1,497,027,179 |
2,315,460,703 |
628,687,238 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from Operating |
-877,563,190 |
-789,274,792 |
-742,162,949 |
|
-Net Income |
1,497,027,179 |
2,315,460,703 |
455,286,536 |
|
-Exp. without Cash Outflow |
1,986,264,209 |
2,493,064,236 |
1,708,790,793 |
|
-Revenue without Cash Inflows |
-561,589,188 |
-2,059,413,146 |
-191,277,516 |
|
-Changes in Asset/ & Liability |
-3,799,265,390 |
-3,538,386,585 |
-2,714,962,762 |
|
Cash Flows from Investing |
-2,042,807,016 |
-1,227,083,161 |
-4,080,846,894 |
|
-Cash Inflow from Investing |
610,485,500 |
2,483,078,190 |
83,716,500 |
|
-Cash Outflows for Investing |
-2,653,292,516 |
-3,710,161,351 |
-4,164,563,394 |
|
Cash Flows from Financing |
2,725,923,991 |
2,400,211,961 |
3,527,992,711 |
|
-Cash Inflows from Financing |
8,833,661,200 |
8,962,051,961 |
7,037,355,072 |
|
-Cash Outflows from Financing |
-6,107,737,209 |
-6,561,840,000 |
-3,509,362,361 |
|
Increase/Decrease in Cash |
-194,446,215 |
383,854,008 |
-1,295,017,132 |
|
Cash at the Beginning of Year |
559,387,286 |
175,533,278 |
1,470,550,410 |
|
Cash at the End of Year |
364,941,071 |
559,387,286 |
175,533,278 |
|
Main Products & Services |
Tarpaulins, PVC-Coated Industrial Fabrics, Compound Resin Conveyor
Belt Fabrics, Structure Fabrics, Boat Fabrics, Banner |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Competitors |
SOONGWON
IND. CO., LTD. 632,
GEUMMAE-RI, HYORYEONG-MYEON, GUNWI-GUN, GYEONGSANGBUK-DO, KOREA TEL:+82-54-383-6166 FAX:+82-54-383-6199 DONG WON
INDUSTRY CO. 951-2,GEUMPO-RI,
NONGONG-EUP, DALSEONG-GUN, DAEGU, KOREA TEL:+82-53-615-9791~5 FAX:+82-53-615-9796 NEW PRIME
INC. RM. 1416, GWANGHWAMUN
OFFICIA, 163, SINMUNNO 1-GA, JONGNO-GU, SEOUL, KOREA TEL:+82-2-730-4228 FAX:+82-2-730-4229 |
|
Subsidiary |
KYUNG IN TECHNOLOGY CO., LTD.(CHINA) (100.0% held by the subject company) |
|
|
|
|
Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) GREEN NON-LIFE INSURANCE CO., LTD.(110111-0007082) |
The Subject deals
with the companies in USA, UK, Japan and China.
No.
----------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.43 |
|
|
1 |
Rs.95.02 |
|
Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.