|
Report No. : |
321609 |
|
Report Date : |
23.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
KYUNGBANG CO.,
LTD. |
|
|
|
|
Registered Office : |
15, Yeongjung-ro, Yeongdeungpo-gu, Seoul, Korea 150-034 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
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 : |
Subject is engaged in Cotton of Spinning |
|
|
|
|
No. of Employees : |
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) |
|
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 |
KYUNGBANG CO.,
LTD. (Korean Company
Name : “(주)경방”) |
|
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 |
Financials
|
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 |
|
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.63.57 |
|
|
1 |
Rs.99.67 |
|
Euro |
1 |
Rs.70.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.