|
Report No. : |
321558 |
|
Report Date : |
11.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
KOREEL CO., LTD. |
|
|
|
|
Registered Office : |
48, Gaseok-ro, Seo-gu, Incheon, Korea,
Samkook Bldg. 404-851 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
31.05.1991 |
|
|
|
|
Com. Reg. No.: |
122-81-22619 |
|
|
|
|
Legal Form : |
Company Limited By Shares |
|
|
|
|
Line of Business : |
Manufacture of Other Special Purpose
Machinery. |
|
|
|
|
No. of Employees : |
107 |
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 – 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 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, and is currently the world's 12th
largest economy. 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 sluggish growth because of external market slowdowns. 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.
|
Source
: CIA |
|
Company Name |
KOREEL CO., LTD. (Korean Company Name : “(주)코릴”) |
|
Registered Address |
48, Gaseok-ro, Seo-gu, Incheon, Korea |
|
Building |
Samkook Bldg. |
|
Zip Code |
404-851 |
|
Tel |
+82-32-584-6860 |
|
Fax |
+82-32-584-6862 |
|
E-mail |
sales@koreel.com |
|
Website |
www.samkook.co.kr |
|
Trading Address |
Samkook Bldg., 48, Gaseok-ro, Seo-gu,
Incheon, Korea (Old Address System : Samkook Bldg.,
263-5, Gajwa 3-dong, Seo-gu, Incheon, Korea) |
|
Tel |
+82-1544-9111 |
|
Fax |
+82-32-584-6862 |
|
Other Address |
43, Gado-ro, Gunsan-si, Jeollabuk-do, Korea (Old Address System : 884-2, Osikdo-dong, Gunsan-si, Jeollabuk-do,
Korea) |
|
Tel |
|
|
Fax |
|
|
Type |
Export |
|
Industry |
Manufacture of Other Special Purpose Machinery, n.e.c. |
|
Main Business |
Air Hose Reels, Cable Reels, Water Reels, Crane Reels |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
05/31/1991 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Hose reels(40142121) |
|
Name |
Oh Hyun-Kyu |
|
Address |
Suite 104-3003, 252, Cheongna canal-ro, Seo-gu,
Incheon, Korea |
|
Date of Birth |
01/28/1958 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
800,000,000 |
|||||||||||||||
|
Employees |
107 |
|||||||||||||||
|
Formation |
Co., Ltd by Shares |
|||||||||||||||
|
Bank Details |
Industrial Bank of Korea |
|||||||||||||||
|
Corporate Registered No. |
120111-0067167 |
|||||||||||||||
|
Business Registered No. |
122-81-22619 |
|||||||||||||||
|
Permit & Licenses |
12/2007 ISO 14001 11/2005 ISO 9001 07/2005 CE Mark 11/2000 CE Mark Int’l Trade No.: 593799 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
01/02/1991 Established as Samkook
Industrial Co.(Sole proprietorship) 05/31/1991 Incorporated as Samkook Industrial
Co, Ltd. 09/10/2002 Moved to the present HQ address
from 81-4, Galsan-dong, Bupyeong-gu, Incheon, Korea 10/08/2005 Increased capital to 800,000,000
KRW from 650,000,000 KRW 09/2007 Designated as an INNO-BIZ Company 09/27/2007 Designated as a Venture Business 04/16/2010 Designated as a Venture Business
again 11/25/2011 Increased the authorized shares
to 500,000 shares from 200,000 shares 06/26/2013 Changed company name to the
present name |
|||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Oh Hyun-Kyu |
Male |
Korean |
07/27/1996 |
|
Director |
M/S. |
Kim In-Sook |
Female |
Korean |
03/31/2007 |
|
Director |
Mr. |
Oh Woo-Hyun |
Male |
Korean |
06/26/2013 |
|
Auditor |
M/S. |
Kim Mi-Sook |
Female |
Korean |
03/31/2007 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2014 |
21,383,508,267 |
13,606,153,869 |
586,411,553 |
|
2013 |
20,064,760,319 |
13,403,105,200 |
680,846,797 |
|
2012 |
17,939,909,377 |
12,544,675,216 |
923,136,888 |
|
2011 |
17,743,141,284 |
12,265,307,138 |
976,642,869 |
|
2010 |
14,321,931,835 |
11,050,999,173 |
133,820,147 |
|
Authorized Capital(KRW) |
2,000,000,000 |
|
Paid-Up Capital(KRW) |
800,000,000 |
|
Total Issued Shares |
80,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
13,606,153,869 |
13,403,105,200 |
12,544,675,216 |
|
Current Assets |
7,324,283,073 |
7,403,832,246 |
6,612,017,408 |
|
-Quick Assets |
5,270,917,121 |
5,360,833,755 |
4,559,018,348 |
|
-Inventories |
2,053,365,952 |
2,042,998,491 |
2,052,999,060 |
|
Fixed Assets |
6,281,870,796 |
5,999,272,954 |
5,932,657,808 |
|
-Investment |
1,692,120,000 |
1,436,093,396 |
1,150,804,156 |
|
-Tangibles |
4,192,021,040 |
4,194,080,196 |
4,367,017,781 |
|
-Intangibles |
94,953,756 |
110,383,362 |
139,167,871 |
|
-Others |
302,776,000 |
258,716,000 |
275,668,000 |
|
Total Liabilities |
8,961,305,842 |
9,139,606,226 |
8,811,960,539 |
|
Current Liabilities |
7,063,556,392 |
7,042,347,723 |
6,024,346,414 |
|
Fixed Liabilities |
1,897,749,450 |
2,097,258,503 |
2,787,614,125 |
|
Capital Stock |
800,000,000 |
800,000,000 |
800,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
3,839,673,027 |
3,453,261,474 |
2,922,414,677 |
|
Capital Adjustment |
5,175,000 |
10,237,500 |
10,300,000 |
|
Total Equity |
4,644,848,027 |
4,263,498,974 |
3,732,714,677 |
|
Liab. & Shareholder’s Equity |
13,606,153,869 |
13,403,105,200 |
12,544,675,216 |
|
Current
Liabilities |
7,063,556,392 |
7,042,347,723 |
6,024,346,414 |
|
Trade Payables |
3,319,607,510 |
3,265,207,909 |
3,235,170,503 |
|
Short-Term Borrowings |
2,300,000,000 |
2,100,000,000 |
1,300,000,000 |
|
Account Payables |
204,825,477 |
275,805,895 |
210,794,382 |
|
Advance Receipts |
25,733,748 |
76,399,169 |
25,695,960 |
|
Withholdings |
40,283,070 |
34,996,020 |
28,364,780 |
|
Accrued Expenses |
310,423,167 |
278,485,310 |
236,687,845 |
|
Accrued Income Tax |
38,297,420 |
77,901,420 |
155,200,944 |
|
Current Portion of Long-Term Debts |
824,386,000 |
933,552,000 |
832,432,000 |
|
Fixed
Liabilities |
1,897,749,450 |
2,097,258,503 |
2,787,614,125 |
|
Long-Term Borrowings |
1,112,960,000 |
1,437,346,000 |
2,370,898,000 |
|
Leasehold Deposit Received |
33,750,000 |
28,350,000 |
28,350,000 |
|
Provision for Severance & Retirement |
1,383,747,154 |
1,144,559,514 |
809,675,462 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
21,383,508,267 |
20,064,760,319 |
17,939,909,377 |
|
Cost of Sold Goods |
17,420,204,988 |
16,145,980,588 |
14,084,182,665 |
|
Gross Profit |
3,963,303,279 |
3,918,779,731 |
3,855,726,712 |
|
Selling & Admin. Expenses |
3,234,551,006 |
3,002,098,707 |
2,603,205,520 |
|
Operating Income |
728,752,273 |
916,681,024 |
1,252,521,192 |
|
Non-Operating Income |
186,529,535 |
133,320,855 |
198,414,842 |
|
Non-Operating Expenses |
215,784,335 |
204,175,392 |
326,462,932 |
|
Income Before Taxes |
699,497,473 |
845,826,487 |
1,124,473,102 |
|
Income Taxes Expenses |
113,085,920 |
164,979,690 |
201,336,214 |
|
Net Income |
586,411,553 |
680,846,797 |
923,136,888 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Cash Flows from Operating |
969,393,929 |
1,300,376,943 |
962,273,874 |
|
-Net Income |
586,411,553 |
680,846,797 |
923,136,888 |
|
-Exp. without Cash Outflow |
621,888,021 |
741,004,544 |
662,250,827 |
|
-Revenue without Cash Inflows |
-6,816,240 |
-7,821,822 |
-2,906,090 |
|
-Changes in Asset/ & Liability |
-232,089,405 |
-113,652,576 |
-620,207,751 |
|
Cash Flows from Investing |
-680,516,647 |
-616,576,473 |
-289,120,100 |
|
-Cash Inflow from Investing |
346,062,727 |
340,611,931 |
1,059,778,726 |
|
-Cash Outflows for Investing |
-1,026,579,374 |
-957,188,404 |
-1,348,898,826 |
|
Cash Flows from Financing |
-428,152,000 |
-182,432,000 |
-792,070,000 |
|
-Cash Inflows from Financing |
1,505,400,000 |
2,100,000,000 |
1,112,500,000 |
|
-Cash Outflows from Financing |
-1,933,552,000 |
-2,282,432,000 |
-1,904,570,000 |
|
Increase/Decrease in Cash |
-139,274,718 |
501,368,470 |
-118,916,226 |
|
Cash at the Beginning of Year |
1,178,963,376 |
677,594,906 |
796,511,132 |
|
Cash at the End of Year |
1,039,688,658 |
1,178,963,376 |
677,594,906 |
|
Main Products & Services |
Air Hose Reels, Cable Reels, Water Reels, Crane Reels |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
HYUNDAI MOTOR COMPANY(110111-0085450) KIA MOTORS CORPORATION(110111-0037998) |
|
Competitors |
SHIMJEON INDUSTRIAL CO., LTD. 961, WOLJEON-DONG, GWANGSAN-GU, GWANGJU,
KOREA TEL:+82-62-952-2894 FAX:+82-62-955-8420 HYDRO DYNAMICS CO., LTD. 116-2, HEONSIN-DONG, SANGJU-SI,
GYEONGSANGBUK-DO, KOREA TEL:+82-54-532-3887 FAX:+82-54-534-3887 REELTEC 806-4, CHASAN-RI, HWADO-EUP, NAMYANGJU-SI,
GYEONGGI-DO, KOREA TEL:+82-31-593-3806 FAX:+82-31-593-3808 |
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) |
The Subject exports
to USA, Japan and China.
No.
-------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.05 |
|
|
1 |
Rs.99.04 |
|
Euro |
1 |
Rs.71.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.