|
Report No. : |
322123 |
|
Report Date : |
11.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
KYUNGBANG CO., LTD. |
|
|
|
|
Registered Office : |
15, Yeongjung-ro, Yeongdeungpo-gu, Seoul |
|
|
|
|
Country : |
Korea (South) |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
15.10.1919 |
|
|
|
|
Com. Reg. No.: |
107-81-05232 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Weaving of Cotton Fabrics |
|
|
|
|
No. of Employee : |
679 |
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) |
|
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 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 |
Basic
|
Company Name |
KYUNGBANG CO.,
LTD. |
|
Registered Address |
15, Yeongjung-ro, Yeongdeungpo-gu, Seoul, Korea |
|
Building |
|
|
Zip Code |
150-034 |
|
Tel |
+82-2-2638-6000 |
|
Fax |
+82-2-2638-6109 |
|
E-mail |
shlee@kyungbang.co.kr |
|
Website |
www.kyungbang.co.kr |
|
Trading Address |
15, Yeongjung-ro, Yeongdeungpo-gu, Seoul, Korea (Old Address System : 442, Yeongdeungpodong 4-ga, Yeongdeungpo-gu,
Seoul, Korea) |
|
Tel |
+82-2-2638-6000 +82-2-2638-6372 |
|
Fax |
+82-2-2638-6109 |
|
Other Address |
|
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Cotton of Spinning |
|
Main Business |
Cotton Yarn, Cotton Fabric, Cotton Blended Fabrics |
|
Sub Business |
Weaving of Cotton Fabrics |
|
Established (mm/dd/yyyy) |
10/15/1919 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Yarns(11151700) |
|
Sell |
Cotton fabrics(11161700) |
|
Sell |
Synthetic fabrics(11161800) |
|
Sell |
Acrylic yarn(11151704) |
|
Sell |
Wool fabrics(11161600) |
|
Sell |
Cotton yarn(11151702) |
|
Name |
Kim Joon |
|
Address |
|
|
Date of Birth |
09/19/1963 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
13,707,635,000 |
|||||||||||||||||||||
|
Employees |
679 |
|||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange : 000050) as of 03/03/1956 |
|||||||||||||||||||||
|
Bank Details |
Woori Bank Shinhan Bank |
|||||||||||||||||||||
|
Corporate Registered No. |
110111-0013287 |
|||||||||||||||||||||
|
Business Registered No. |
107-81-05232 |
|||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 671769 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
10/15/1919 Incorporated as KYUNGSUNG BANGJIK CO., LTD. 07/14/1970 Changed company name to the present name 10/31/2014 Acquired KYUNGBANG YUTONG CO., LTD.(110111-0874621) |
|||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
President & CEO |
Mr. |
Kim Joon |
Korean |
1963.09.19 |
Brown University, USA |
|
Vice President & CEO |
Mr. |
Kim Dam |
Korean |
1965.04.07 |
Inha University, Korea |
|
Executive Director |
Mr. |
Kim Jong-Hak |
Korean |
1966.07 |
Yonsei University, Korea |
|
Outside Director |
Mr. |
Lee Yong-Mo |
Korean |
- |
- |
|
Outside Director |
Mr. |
Kim Sang-Ik |
Korean |
1947.12 |
Chungang University, Korea |
|
Auditor |
Mr. |
Kang Soon-Tae |
Korean |
1962.03.19 |
Yonsei University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
256,979,443,757 |
1,275,008,413,065 |
14,235,817,602 |
|
|
(*)2013 |
264,782,076,826 |
1,261,257,414,449 |
15,103,834,535 |
|
(*)2012 |
265,409,209,318 |
1,301,719,900,476 |
-7,074,187,172 |
|
2011 |
275,746,943,108 |
1,331,930,967,807 |
-1,822,387,658 |
|
2010 |
277,727,642,134 |
1,308,628,572,886 |
23,831,170,610 |
(*)Figures are
based on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
40,000,000,000 |
|
Paid-Up Capital(KRW) |
13,707,635,000 |
|
Total Issued Shares |
2,741,527 |
|
BALANCE SHEET |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
1,275,008,413,065 |
1,261,257,414,449 |
1,301,719,900,476 |
|
Current Assets |
83,665,761,598 |
79,482,802,234 |
101,710,997,108 |
|
Cash & Cash Equivalents |
4,614,856,936 |
3,336,527,530 |
3,001,666,069 |
|
Current Financial Instruments |
2,000,000,000 |
1,975,000,000 |
2,050,000,000 |
|
Trade Receivables |
32,233,594,203 |
31,058,761,362 |
31,453,366,031 |
|
Short-Term Receivables |
200,000,000 |
|
|
|
Other Receivables |
6,877,194,214 |
3,973,941,220 |
6,585,248,417 |
|
Short-Term Receivables |
59,896,314 |
33,038,702 |
50,241,125 |
|
Advance Payments |
885,269,121 |
1,560,447,988 |
524,416,576 |
|
Prepaid Expenses |
1,588,701,694 |
591,376,715 |
826,404,618 |
|
Other Current Assets |
637,289,898 |
1,845,733,472 |
1,444,354,982 |
|
Inventories |
34,615,709,877 |
35,601,408,902 |
50,300,747,280 |
|
Assets to be Sold |
|
|
5,869,270,635 |
|
Non-Current Assets |
1,191,342,651,467 |
1,181,774,612,215 |
1,200,008,903,368 |
|
Marketable Financial Instruments |
8,369,076,039 |
3,524,118,129 |
3,397,798,629 |
|
Investment_Related Companies |
953,013,666 |
|
|
|
Investment_Subsidiaries |
19,468,555,773 |
19,468,555,773 |
18,052,465,773 |
|
Long-Term Receivables |
13,190,400,000 |
|
|
|
Other Financial Assets |
21,500,000 |
16,000,000 |
16,000,000 |
|
Guarantee Deposit Withhold |
786,701,609 |
676,701,609 |
693,041,609 |
|
Tangibles |
269,480,796,516 |
280,675,994,114 |
301,773,722,975 |
|
Investment_Real Estates |
877,145,628,312 |
874,962,100,714 |
872,915,619,749 |
|
Intangibles |
1,546,004,000 |
1,546,004,000 |
1,546,004,000 |
|
Prepaid Expenses |
26,129,925 |
|
|
|
Confirmed Salary |
354,845,627 |
905,137,876 |
1,614,250,633 |
|
Total Liabilities |
623,437,994,067 |
575,688,238,039 |
631,984,459,642 |
|
Current Liabilities |
388,656,785,256 |
88,576,433,619 |
121,339,741,611 |
|
Short-Term Borrowings |
160,771,348,608 |
54,775,179,930 |
81,369,628,034 |
|
Trade Payables |
18,354,028,435 |
3,610,544,847 |
3,879,239,456 |
|
Account Payables |
12,725,693,180 |
4,612,435,663 |
4,641,405,589 |
|
Advance Receipts |
1,330,664,064 |
309,217,548 |
480,889,574 |
|
Guarantee Deposit Withhold |
4,680,000 |
104,890,000 |
114,340,000 |
|
Withholdings |
40,003,366 |
39,107,310 |
32,919,780 |
|
Accrued Expenses |
5,338,085,026 |
5,145,518,160 |
5,502,177,657 |
|
Accrued Income Taxes |
678,611,113 |
|
|
|
Current Portion of Long-Term
Debts |
183,000,000,000 |
13,961,633,393 |
18,312,473,062 |
|
Other Current Debts |
6,158,337,955 |
5,335,316,346 |
6,065,519,474 |
|
Other Current Liabilities |
255,333,509 |
682,590,422 |
941,148,985 |
|
Non-Current Liabilities |
234,781,208,811 |
487,111,804,420 |
510,644,718,031 |
|
Long-Term Borrowings |
|
258,404,522,872 |
280,141,533,119 |
|
Withholdings |
27,000,000,000 |
|
|
|
Guarantee Deposit Withhold |
121,195,842,000 |
134,640,589,000 |
139,698,119,000 |
|
Deferred Income Tax Credit |
92,456,969,341 |
90,652,345,221 |
86,607,625,409 |
|
Advance Receipts |
55,909,449,747 |
48,973,302,858 |
54,503,641,076 |
|
Capital Stock |
13,707,635,000 |
12,461,490,000 |
10,400,000,000 |
|
Capital Surplus |
|
13,991,400,311 |
16,168,530,258 |
|
Profit Surplus |
638,717,785,816 |
659,786,305,295 |
644,682,470,760 |
|
Installments |
-855,001,818 |
-670,019,196 |
-458,744,085 |
|
Others |
|
|
-1,056,816,099 |
|
Total Equity |
651,570,418,998 |
685,569,176,410 |
669,735,440,834 |
|
Liab. & Shareholder’s Equity |
1,275,008,413,065 |
1,261,257,414,449 |
1,301,719,900,476 |
|
INCOME STATEMENT |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
256,979,443,757 |
264,782,076,826 |
265,409,209,318 |
|
Cost of Sold Goods |
209,067,503,578 |
223,418,882,506 |
250,600,102,650 |
|
Gross Profit |
47,911,940,179 |
41,363,194,320 |
14,809,106,668 |
|
Selling & Admin. Expenses |
15,816,416,525 |
5,461,079,669 |
6,568,490,665 |
|
Operating Income |
32,095,523,654 |
35,902,114,651 |
8,240,616,003 |
|
Other Operating Income |
3,553,702,032 |
5,306,380,496 |
8,151,183,714 |
|
Other Operating Expenses |
4,735,513,662 |
4,808,748,646 |
2,662,002,669 |
|
Finance Income |
1,029,960,429 |
73,812,211 |
179,010,910 |
|
Finance Expenses |
15,009,006,158 |
16,843,362,618 |
23,354,484,368 |
|
Income Before Taxes |
16,934,666,295 |
19,630,196,094 |
-9,445,676,410 |
|
Income Taxes Expenses |
2,698,848,693 |
4,526,361,559 |
2,371,489,238 |
|
Net Income |
14,235,817,602 |
15,103,834,535 |
-7,074,187,172 |
|
CASH FLOWS |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Cash Flows from Operating |
29,566,345,492 |
50,395,793,868 |
27,341,666,333 |
|
-Net Income |
14,235,817,602 |
15,103,834,535 |
-7,074,187,172 |
|
-Adjustment |
38,660,056,654 |
34,876,468,684 |
35,408,661,839 |
|
-Changes in Asset/ & Liability |
-12,375,404,628 |
12,836,540,691 |
17,625,469,386 |
|
-Cash Inflow from Operating |
186,391,817 |
91,891,348 |
152,574,960 |
|
-Cash Outflows for Operating |
-11,140,515,953 |
-12,512,941,390 |
-18,770,852,680 |
|
Cash Flows from Investing |
-30,920,121,675 |
669,867,422 |
-19,372,994,874 |
|
-Cash Inflow from Investing |
3,015,387,123 |
8,501,313,500 |
2,802,242,908 |
|
-Cash Outflows for Investing |
-33,935,508,798 |
-7,831,446,078 |
-22,175,237,782 |
|
Cash Flows from Financing |
1,405,347,331 |
-50,551,740,841 |
-10,132,003,950 |
|
-Cash Inflows from Financing |
247,468,593,425 |
169,081,755,168 |
490,195,849,753 |
|
-Cash Outflows from Financing |
-246,063,246,094 |
-219,633,496,009 |
-500,327,853,703 |
|
Increase/Decrease in Cash |
1,278,329,406 |
334,861,461 |
-2,172,737,301 |
|
Cash at the Beginning of Year |
3,336,527,530 |
3,001,666,069 |
5,174,403,370 |
|
Cash at the End of Year |
4,614,856,936 |
3,336,527,530 |
3,001,666,069 |
|
Main Products & Services |
Cotton Yarn, Cotton Fabric, Cotton Blended Fabrics |
|
Detailed Products Spec. |
-- |
|
Technologies Acquired |
-- |
|
Suppliers |
-- |
|
Customers |
SHINSUNG TONGSANG CO., LTD.(110111-0003345) CHOI & SHIN'S CO., LTD(110111-0176887) HANSOLL TEXTILE, LTD.(110111-0904486) MARUBENI TEXTILE JAPAN |
|
Competitors |
CHONBANG CO., LTD. 12~13TH FI., CHUNGJEONG TOWER BLDG., 464, CHUNGJEONGNO 3-GA,
SEODAEMUN-GU, SEOUL, KOREA TEL:+82-2-2122-6000
FAX:+82-2-392-3923 DONGIL CORPORATION(110111-0019219) 8TH FL., JEONG-HEON BLDG., 944-1, DAECHI 3-DONG, GANGNAM-GU, SEOUL,
KOREA TEL:+82-2-2222-3071
FAX:+82-2-2222-3280 ILSHIN SPINNING CO.,LTD(110111-0041717) ILSHIN BLDG., 15-15, YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-3774-0114
FAX:+82-2-786-5891~3 |
|
Affiliates |
-- |
|
Overseas Office |
-- |
|
Liaison Office |
-- |
|
Overseas Branch |
-- |
|
Joint Venture |
-- |
|
Subsidiary |
KB-VNM CO., LTD (100.0% held by the subject company) JEDI(JAPAN) (97.96% held by the subject company) |
|
Corporate Ownership |
-- |
|
Major Shareholders |
-- |
|
Cooperative Enterprise |
-Insured Company LOTTE NON-LIFE INSURANCE CO., LTD.(110111-0014459) |
|
Sales/ Unit :Thousand KRW |
2012 |
2011 |
2010 |
|
Export |
24,805,920 |
19,880,863 |
|
|
Domestic |
240,603,289 |
255,866,080 |
|
|
Total |
265,409,209 |
275,746,943 |
|
The Subject exports to Hong Kong, USA, Indonesia, Japan, Vietnam, China
and Taiwan.
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 : |
ANK |
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.