|
Report No. : |
322780 |
|
Report Date : |
19.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
BIP INDUSTRIES
CO., LTD. |
|
|
|
|
Registered Office : |
1817,
Jungang-Daero, Geumjeong-Gu, Busan, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
06.09.1978 |
|
|
|
|
Com. Reg. No.: |
621-81-02240 |
|
|
|
|
Legal Form : |
Company Limited By Shares |
|
|
|
|
Line of Business : |
Manufacture of
Section For Ships. |
|
|
|
|
No. of Employees : |
172 |
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 : |
Exist |
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 |
BIP INDUSTRIES
CO., LTD. (Korean Company
Name : “비아이피(주)”) |
|
Registered Address |
1817, Jungang-daero, Geumjeong-gu, Busan, Korea (Old Address System : 84-18, Guseo 1-dong,
Geumjeong-gu, Busan, Korea) |
|
Building |
BN Bldg. |
|
Zip Code |
609-854 |
|
Tel |
+82-51-519-2000 |
|
Fax |
+82-51-582-7175 |
|
E-mail |
bip@bn-bip.com |
|
Website |
www.bn-bip.com |
|
Trading Address |
BN Bldg., 84-18, Guseo 1-dong,
Geumjeong-gu, Busan, Korea |
|
Tel |
+82-51-519-2000 |
|
Fax |
+82-51-582-7175 |
|
Other Address-Seochang Factory |
35, Soju-dong, Yangsan-si,
Gyeongsangnam-do, Korea |
|
Tel |
+82-55-380-5000 |
|
Fax |
+82-55-389-2010 |
|
Other Address-Gosung Factory |
67, Baedungongdan-gil Hoehwa-myeon,
Goseong-gun, Gyeongsangnam-do, Korea |
|
Tel |
+82-55-650-8800 |
|
Fax |
++82-55-650-8810 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Sections for Ships |
|
Main Business |
Wall Panel, Ceiling Panel, Bathroom Unit, Cabin Unit, Marine Door,
Ship Design, Ship Interior |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
09/06/1978 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Doors(30171500) |
|
Sell |
Cabins(30201603) |
|
Sell |
Panels or panelling(30161505) |
|
Sell |
Chairs(56101504) |
|
Sell |
Beds(56101515) |
|
Sell |
Portable toilettes(30201706) |
|
Sell |
Marine craft systems and subassemblies(25111900) |
|
Name |
Cho Eui-Je |
|
Address |
Suite 102-403, 261, Geumsaem-ro,
Geumjeong-gu, Busan, Korea |
|
Date of Birth |
03/14/2013 |
|
Title |
Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
6,116,135,000 |
|||||||||
|
Employees |
172 |
|||||||||
|
Formation |
Co., Ltd by shares |
|||||||||
|
Bank Details |
Citibank, Korea-Busan Branch Busan Bank Shinhan Bank Kookmin Bank Korea Development Bank |
|||||||||
|
Corporate Registered No. |
180111-0031326 |
|||||||||
|
Business Registered No. |
621-81-02240 |
|||||||||
|
Permit & Licenses |
11/1996 ISO 9002 by LRQA 05/1999 CE Mark 11/2003 ISO 14001 LRQA Int’l Trade No.: 865616 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
09/06/1978 Incorporated as BUIL INDUSTRIES
CO., LTD. 09/07/2001 Changed company name to the
present name 11/1992 Awarded US$ 10 Million Export Top
Prize 11/2001 Awarded US$ 20 Million Export Top
Prize 06/05/2002 Spin off the par value to 500
KRW from 5,000 KRW 03/26/2002 Increased the authorized shares
to 10,000,000 shares from 5,000,000 shares 05/03/2002 Increased capital to 50,000,000
shares from 10,000,000 shares 11/2004 Awarded US$ 30 Million Export Top
Prize 08/29/2008 Acquired Units for Ships
Business from S&B CO., LTD. 09/04/2008 Acquired BIP Tech Co., Ltd. 09/04/2009 Increased capital to
6,116,135,000 KRW from 5,941,135,000 KRW |
|||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Chairman & CEO |
Mr. |
Cho Eui-Je |
Male |
Korean |
03/14/2013 |
|
President & CEO |
Mr. |
You Young-Ho |
Male |
Korean |
03/14/2013 |
|
Director |
Mr. |
Cho Sung-Jae |
Male |
Korean |
03/03/2000 |
|
Auditor |
Mr. |
Cho Young-Je |
Male |
Korean |
03/28/2012 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2014 |
81,126,137,045 |
112,788,735,169 |
4,867,721,590 |
|
2013 |
80,495,146,351 |
94,462,547,237 |
4,087,142,809 |
|
2012 |
76,063,778,291 |
96,012,350,697 |
1,728,919,250 |
|
2011 |
92,737,316,316 |
99,619,343,166 |
-5,084,539,356 |
|
2010 |
83,238,992,783 |
58,204,993,045 |
2,011,859,460 |
|
90,367,684,006 |
54,358,921,775 |
7,442,454,163 |
|
|
2008 |
72,074,016,588 |
52,981,064,734 |
4,837,130,593 |
|
2007 |
48,644,813,982 |
32,594,309,742 |
2,224,764,404 |
|
2006 |
50,772,090,922 |
31,555,962,768 |
215,109,596 |
|
2005 |
60,307,918,701 |
36,008,804,489 |
-2,279,804,427 |
Financial
Description
|
Authorized Capital(KRW) |
25,000,000,000 |
|
Paid-Up Capital(KRW) |
6,116,135,000 |
|
Total Issued Shares |
12,232,270 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
112,788,735,169 |
94,462,547,237 |
96,012,350,697 |
|
Current Assets |
21,070,281,023 |
18,317,523,629 |
20,265,470,627 |
|
-Quick Assets |
16,715,932,802 |
12,775,884,932 |
14,879,933,352 |
|
-Inventories |
4,354,348,221 |
5,541,638,697 |
5,385,537,275 |
|
Fixed Assets |
91,718,454,146 |
76,145,023,608 |
75,746,880,070 |
|
-Investment |
48,700,648,100 |
49,950,373,720 |
49,855,173,543 |
|
-Tangibles |
40,912,215,281 |
24,081,646,223 |
22,040,195,548 |
|
-Intangibles |
|
|
|
|
-Others |
2,105,590,765 |
2,113,003,665 |
3,851,510,979 |
|
Total Liabilities |
73,783,994,589 |
60,257,945,011 |
65,965,695,983 |
|
Current Liabilities |
29,955,243,373 |
17,366,623,232 |
60,092,504,540 |
|
Fixed Liabilities |
43,828,751,216 |
42,891,321,779 |
5,873,191,443 |
|
Capital Stock |
6,116,135,000 |
6,116,135,000 |
6,116,135,000 |
|
Capital Surplus |
1,620,054,356 |
1,620,054,356 |
1,620,054,356 |
|
Profit Surplus |
31,399,110,529 |
26,531,388,939 |
22,444,246,130 |
|
Capital Adjustment |
-130,559,305 |
-62,976,069 |
-133,780,772 |
|
Total Equity |
39,004,740,580 |
34,204,602,226 |
30,046,654,714 |
|
Liab. & Shareholder’s Equity |
112,788,735,169 |
94,462,547,237 |
96,012,350,697 |
|
Current
Liabilities |
29,955,243,373 |
17,366,623,232 |
60,092,504,540 |
|
Trade Payables |
5,683,471,185 |
3,745,401,249 |
3,632,205,677 |
|
Short-Term Borrowings |
16,980,910,000 |
6,530,290,000 |
8,108,750,000 |
|
Account Payables |
547,970,036 |
514,563,532 |
397,099,289 |
|
Advance Receipts |
547,170,104 |
1,513,869,809 |
1,404,661,246 |
|
Withholdings |
34,628,550 |
29,636,030 |
22,777,650 |
|
Accrued Expenses |
902,686,224 |
870,647,733 |
969,778,879 |
|
Leasehold Deposit Received |
5,000,000 |
5,000,000 |
- |
|
Accrued Income Tax |
953,407,274 |
817,214,879 |
554,849,249 |
|
Finance Lease Debts |
|
|
2,382,550 |
|
Current Portion of Long-Term Debts |
4,300,000,000 |
3,340,000,000 |
45,000,000,000 |
|
Fixed
Liabilities |
43,828,751,216 |
42,891,321,779 |
5,873,191,443 |
|
Long-Term Borrowings |
42,640,000,000 |
41,660,000,000 |
5,000,000,000 |
|
Long-Term Account Payables |
278,315,927 |
173,537,244 |
- |
|
Deferred Income Tax Credit |
711,788,951 |
830,599,728 |
671,761,038 |
|
Provision for Severance & Retirement |
1,823,235,430 |
1,417,590,405 |
1,077,645,515 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
81,126,137,045 |
80,495,146,351 |
76,063,778,291 |
|
Cost of Sold Goods |
65,767,891,138 |
65,833,543,090 |
64,005,068,650 |
|
Gross Profit |
15,358,245,907 |
14,661,603,261 |
12,058,709,641 |
|
Selling & Admin. Expenses |
6,751,566,303 |
7,955,545,674 |
7,611,278,350 |
|
Operating Income |
8,606,679,604 |
6,706,057,587 |
4,447,431,291 |
|
Non-Operating Income |
1,624,688,453 |
2,649,210,010 |
2,957,209,080 |
|
Non-Operating Expenses |
4,029,817,518 |
4,103,408,850 |
4,963,504,515 |
|
Income Before Taxes |
6,201,550,539 |
5,251,858,747 |
2,441,135,856 |
|
Income Taxes Expenses |
1,333,828,949 |
1,164,715,938 |
712,216,606 |
|
Net Income |
4,867,721,590 |
4,087,142,809 |
1,728,919,250 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Cash Flows from Operating |
4,618,806,454 |
3,960,401,259 |
5,085,988,767 |
|
-Net Income |
4,867,721,590 |
4,087,142,809 |
1,728,919,250 |
|
-Exp. without Cash Outflow |
2,622,620,444 |
2,985,859,710 |
2,700,491,656 |
|
-Revenue without Cash Inflows |
-865,133,162 |
-2,189,103,045 |
-2,263,686,567 |
|
-Changes in Asset/ & Liability |
-2,006,402,418 |
-923,498,215 |
2,920,264,428 |
|
Cash Flows from Investing |
-19,467,500,965 |
1,786,219,394 |
-8,805,699,638 |
|
-Cash Inflow from Investing |
556,317,149 |
5,230,557,087 |
4,031,717,273 |
|
-Cash Outflows for Investing |
-20,023,818,114 |
-3,444,337,693 |
-12,837,416,911 |
|
Cash Flows from Financing |
13,124,588,930 |
-5,172,148,484 |
762,893,594 |
|
-Cash Inflows from Financing |
32,715,450,002 |
3,397,543,713 |
28,239,478,891 |
|
-Cash Outflows from Financing |
-19,590,861,072 |
-8,569,692,197 |
-27,476,585,297 |
|
Increase/Decrease in Cash |
-1,724,105,581 |
574,472,169 |
-2,956,817,277 |
|
Cash at the Beginning of Year |
3,153,016,800 |
2,578,544,631 |
5,535,361,908 |
|
Cash at the End of Year |
1,428,911,219 |
3,153,016,800 |
2,578,544,631 |
|
Main Products & Services |
Wall Panel, Ceiling Panel, Bathroom Unit, Cabin Unit, Marine Door,
Ship Design, Ship Interior Brand Name : BIP |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
BUIL BANGHWA PANNEL CO., LTD.(WIEHAE,
CHINA) B& STEEL CO., LTD.(184511-0012910) COSMO CO., LTD.(KOREA) |
|
Customers |
DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD.(110111-2095837) |
|
Competitors |
SUNG IL CO., LTD.(SIM) 1587-4, SONGJEONG-DONG, GANGSEO-GU, BUSAN,
KOREA TEL:+82-51-831-8800 FAX:+82-51-831-5959 SEONGHWA INDUSTRIAL CO., LTD. 77-1, CHEONGOK-RI, JINSEONG-MYEON,
JINJU-SI, GYEONGSANGNAM-DO, KOREA TEL:+82-55-790-0100 FAX:+82-55-758-2944 DONG BANG SHIP MACHINERY CO., LTD. 414-2, JUKGOK-DONG, JINHAE-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-545-0882 FAX:+82-55-545-0883 |
|
Affiliates |
DAESUN JUJO CO., LTD.( 180111-0004894) (27.50% held by
the subject company) B& STEEL CO., LTD.(184511-0012910) (9.70% held by the subject company) COSMO CO., LTD.(KOREA) (15.0% held by the subject company) BK INVESTMENT CO., LTD.(134811-0173609) (7.14% held by the subject company) BIP CO., LTD. BN STEELA CO.,
LTD.(180111-0654954) BIPEX CO., LTD.(180111-0557752) BN CHEMICAL CO., LTD.(180111-0743799) BAUM CREATIVE CO., LTD.(180111-0772508) BISCO CO., LTD.(180111-0398255) BIP INTERNATIONAL, INC |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) DONGBU INSURANCE CO., LTD.(110111-0095285) |
The Subject deals
with the companies in Japan, Europe and North America.
There is 1
arbitration case on Receivables amounting 1,112,110,000 KRW.
--------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.55 |
|
|
1 |
Rs.99.86 |
|
Euro |
1 |
Rs.72.67 |
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.