|
Report No. : |
323850 |
|
Report Date : |
25.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
KOS LIMITED |
|
|
|
|
Registered Office : |
43, Eosil-ro, Yangsan-si, Gyeongsangnam-do,
Korea), 626-230 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
22.08.1969 |
|
|
|
|
Com. Reg. No.: |
606-81-02902 |
|
|
|
|
Legal Form : |
Co., Ltd By Shares |
|
|
|
|
Line of Business : |
Manufacture of Steel Wire |
|
|
|
|
No. of Employees : |
357 |
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 |
KOS LIMITED (Ex. Korean Company Name : “고려상사(주)”) (Korean Company Name : “고려특수선재(주)”) |
|
Registered Address |
43, Eosil-ro, Yangsan-si,
Gyeongsangnam-do, Korea) (Old Address System : 131-1, Yusan-dong,
Yangsan-si, Gyeongsangnam-do, Korea) |
|
Building |
|
|
Zip Code |
626-230 |
|
Tel |
+82-55-389-1050~6 |
|
Fax |
+82-55-389-1057 |
|
E-mail |
master@koswire.com;djyoo@koswire.com |
|
Website |
www.koswire.com |
|
Trading Address |
40-134, Hangangno 3-ga, Yongsan-gu, Seoul,
Korea (P.O.BOX 863) |
|
Tel |
+82-2-3406-0114 |
|
Fax |
+82-2-2273-6358 |
|
Other Address-Samrak Factory |
121-6, Samnak-dong, Sasang-gu, Busan,
Korea |
|
Tel |
+82-51-301-1617 |
|
Fax |
+82-51-301-1619 |
|
Other Address-Gamjeon Factory |
162-8, Gamjeon-dong, Sasang-gu, Busan, Korea |
|
Tel |
+82-51-312-1617 |
|
Fax |
+82-51-312-1619 |
|
Other Address-Okmyeong Factory |
567, Okmyeong-ri, Daesong-myeon, Nam-gu, Pohang-si, Gyeongbuk, Korea |
|
Tel |
+82-54-278-6083 |
|
Fax |
+82-54-278-6086 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Steel Wire |
|
Main Business |
Stainless Wire, Titan Wire, Heating Wire |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
08/22/1969 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Wire rope(31151505) |
|
Sell |
Yarns(11151700) |
|
Sell |
Heating wire(26121501) |
|
Sell |
Mechanical wire(31151800) |
|
Name |
Jung Chang-Sik |
|
Address |
Suite A-2404, 143, Yeouidong-ro,
Yeongdeungpo-gu, Seoul, Korea |
|
Date of Birth |
03/25/1961 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,701,395,000 |
|||||||||
|
Employees |
357 |
|||||||||
|
Formation |
Co., Ltd by shares |
|||||||||
|
Bank Details |
Woori Bank-Myung Dong Branch Shinhan Bank Citi Bank, Korea |
|||||||||
|
Corporate Registered No. |
180111-0025428 |
|||||||||
|
Business Registered No. |
606-81-02902 |
|||||||||
|
Permit & Licenses |
01/1996 ISO 9002 08/1996 ISO 9002 08/1997 JIS Int’l Trade No.: 790877 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
08/22/1969 Incorporated as KOREA SANGSA
CO., LTD., as a subsidiary of KISWIRE 09/01/2008 Acquired KOS FINE CO., LTD.(154211-0000652) 11/30/2008
Increased capital to 1,701,395,000 KRW from 4,950,000,000 KRW 11/30/2008
Decreased the authorized shares to 1,300,000 shares from 1,760,000 shares 12/01/2008
Established KOS DEVELOPMENT CO., LTD., after spin off the subject company 07/01/2012
Changed Korean Company Name to the present name 07/02/2012
Acquired KOS TECH CO., LTD. |
|||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Jung Chang-Sik |
Male |
Korean |
01/01/2015 |
|
Director |
Mr. |
Hong Wan-Pyo |
Male |
Korean |
03/28/2000 |
|
Director |
Mr. |
Hong Ho-Jeong |
Male |
Korean |
03/31/2001 |
|
Auditor |
Mr. |
Park Dae-Won |
Male |
Korean |
03/30/1999 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
232,123,413,954 |
168,248,881,083 |
5,364,278,954 |
|
|
2013 |
213,873,815,903 |
171,968,859,411 |
2,904,030,610 |
|
2012 |
171,873,085,234 |
190,050,995,040 |
3,239,779,911 |
|
2011 |
143,520,159,166 |
169,176,144,403 |
3,639,817,952 |
|
2010 |
125,167,754,496 |
158,716,905,190 |
6,731,049,482 |
|
2009 |
96,110,544,155 |
141,895,881,849 |
1,281,405,398 |
|
2008 |
143,680,544,557 |
109,758,782,732 |
7,578,661,705 |
|
2007 |
138,689,576,729 |
128,641,897,315 |
7,828,184,033 |
|
2006 |
110,801,957,886 |
131,416,842,573 |
2,194,927,997 |
|
2005 |
96,403,931,015 |
133,311,424,258 |
1,520,845,001 |
|
2004 |
96,687,154,560 |
131,052,119,170 |
3,854,632,870 |
|
2003 |
98,503,929,743 |
129,983,655,886 |
2,096,507,509 |
|
Authorized Capital(KRW) |
6,500,000,000 |
|
Paid-Up Capital(KRW) |
1,701,395,000 |
|
Total Issues Shares |
340,279 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
168,248,881,083 |
171,968,859,411 |
190,050,995,040 |
|
Current Assets |
74,479,554,490 |
68,123,930,819 |
79,456,616,995 |
|
-Quick Assets |
36,266,856,944 |
29,347,857,568 |
39,565,957,598 |
|
-Inventories |
38,212,697,546 |
38,776,073,251 |
39,890,659,397 |
|
Fixed Assets |
93,769,326,593 |
103,844,928,592 |
110,594,378,045 |
|
-Investment |
10,527,862,598 |
12,236,677,035 |
13,378,192,823 |
|
-Tangibles |
72,300,811,204 |
80,008,408,178 |
85,612,932,032 |
|
-Intangibles |
4,009,378,596 |
4,302,747,761 |
4,596,116,926 |
|
-Others |
6,931,274,195 |
7,297,095,618 |
7,007,136,264 |
|
Total Liabilities |
71,363,459,190 |
79,953,723,225 |
100,896,321,452 |
|
Current Liabilities |
60,843,655,636 |
75,377,368,291 |
93,338,874,910 |
|
Fixed Liabilities |
10,519,803,554 |
4,576,354,934 |
7,557,446,542 |
|
Capital Stock |
1,701,395,000 |
1,701,395,000 |
1,701,395,000 |
|
Capital Surplus |
47,644,912,805 |
47,644,912,805 |
47,644,912,805 |
|
Profit Surplus |
47,914,276,010 |
42,549,997,056 |
39,645,966,446 |
|
Capital Adjustment |
-375,161,922 |
118,831,325 |
162,399,337 |
|
Total Equity |
96,885,421,893 |
92,015,136,186 |
89,154,673,588 |
|
Liab. & Shareholder’s Equity |
168,248,881,083 |
171,968,859,411 |
190,050,995,040 |
|
Current Liabilities |
60,843,655,636 |
75,377,368,291 |
93,338,874,910 |
|
Trade Payables |
12,460,063,442 |
11,138,594,363 |
10,059,593,046 |
|
Short-Term Borrowings |
14,234,000,000 |
34,671,100,000 |
52,311,232,400 |
|
Short-Term Borrowings-Foreign Currency |
26,347,481,716 |
20,537,198,683 |
24,704,804,381 |
|
Account Payables |
1,298,602,848 |
1,476,136,731 |
1,390,627,969 |
|
Accrued Expenses |
2,410,602,874 |
1,654,928,363 |
1,929,977,419 |
|
Advance Receipts |
36,479,429 |
1,557,202,045 |
55,578,140 |
|
Withholdings |
413,711,995 |
354,135,468 |
386,224,987 |
|
Guarantee Deposit Withhold |
550,180,000 |
207,840,000 |
210,880,000 |
|
Accrued Income Tax |
1,092,533,332 |
948,163,410 |
109,137,340 |
|
Current Portion of Long-Term Debts |
2,000,000,000 |
2,832,069,228 |
2,180,819,228 |
|
Fixed Liabilities |
10,519,803,554 |
4,576,354,934 |
7,557,446,542 |
|
Long-Term Borrowings |
8,700,000,000 |
2,832,069,228 |
5,664,138,456 |
|
Provision for Severance & Retirement |
13,320,497,368 |
11,558,978,974 |
10,252,365,928 |
|
Long-Term Account Payables |
164,357,183 |
190,496,257 |
194,922,865 |
|
Deferred Income Tax Credit |
27,026,334 |
- |
|
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
232,123,413,954 |
213,873,815,903 |
171,873,085,234 |
|
Cost of Sold Goods |
200,225,352,665 |
188,767,630,445 |
155,014,720,242 |
|
Gross Profit |
31,898,061,289 |
25,106,185,458 |
16,858,364,992 |
|
Selling & Admin. Expenses |
21,548,496,298 |
20,085,820,997 |
15,070,702,377 |
|
Operating Income |
10,349,564,991 |
5,020,364,461 |
1,787,662,615 |
|
Non-Operating Income |
6,164,404,961 |
4,965,667,958 |
5,945,739,947 |
|
Non-Operating Expenses |
9,378,817,812 |
6,198,478,410 |
6,675,890,905 |
|
Income Before Taxes |
7,135,152,140 |
3,787,554,009 |
1,057,511,657 |
|
Income Taxes Expenses |
1,770,873,186 |
883,523,399 |
-2,182,268,254 |
|
Net Income |
5,364,278,954 |
2,904,030,610 |
3,239,779,911 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Cash Flows from Operating |
10,311,259,524 |
12,465,775,799 |
12,016,299,369 |
|
-Net Income |
5,364,278,954 |
2,904,030,610 |
3,239,779,911 |
|
-Exp. without Cash Outflow |
14,888,879,420 |
11,708,964,940 |
9,127,797,662 |
|
-Revenue without Cash Inflows |
-2,027,956,590 |
-1,250,708,906 |
-1,897,756,008 |
|
-Changes in Asset/ & Liability |
-7,913,942,260 |
-896,510,845 |
1,546,477,804 |
|
Cash Flows from Investing |
-197,287,753 |
10,785,913,345 |
-11,098,797,644 |
|
-Cash Inflow from Investing |
16,446,937,881 |
22,067,886,114 |
10,957,671,686 |
|
-Cash Outflows for Investing |
-16,644,225,634 |
-11,281,972,769 |
-22,056,469,330 |
|
Cash Flows from Financing |
-10,486,229,649 |
-23,393,902,730 |
63,259,803 |
|
-Cash Inflows from Financing |
113,331,277,517 |
112,935,477,785 |
136,256,729,775 |
|
-Cash Outflows from Financing |
-123,817,507,166 |
-136,329,380,515 |
-136,193,469,972 |
|
Increase/Decrease in Cash |
372,257,878 |
142,213,586 |
980,761,528 |
|
Cash at the Beginning of Year |
3,417,423,832 |
3,559,637,418 |
2,578,875,890 |
|
Cash at the End of Year |
3,045,165,954 |
3,417,423,832 |
3,559,637,418 |
|
Main Products & Services |
Stainless Steel Wire Stainless Wire Rope Stainless Metal Fiber Stainless Flat Wire Nickel Coated High Carton Wire Nickel Alloy Wire Titan Wire |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
POSCO SPECIALTY STEEL CO., LTD.(194211-0025248) |
|
Customers |
|
|
Competitors |
DSR CORP. 1551-1, SONGJEONG-DONG, GANGSEO-GU, BUSAN,
KOREA TEL:+82-51-979-0500 FAX:+82-51-979-0600 KOWEL SPECIAL
STEEL WIRE CO., LTD. 327-1, SANMAK-DONG, YANGSAN-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-383-1801~3 FAX:+82-55-383-1804 COSMO WIRE LTD. 4-10, GOYEON-RI, UNGCHON-MYEON, ULJU-GUN,
ULSAN, KOREA TEL:+82-52-261-0478 FAX:+82-52-261-0480 |
|
Affiliates |
KOSWIRE CO., LTD.(180111-0285957) KORYO MG CO., LTD.(110111-2713744) KOS DEVELOPMENT CO., LTD.(110111-4009000) KORYO MG CO., LTD.(110111-2713744) JISAN MOTORS CO., LTD.(110111-3667297) SUBARU KOREA CO.,LTD.(110111-4121896) KOS DIES CO., LTD.(171711-0079119) (100.0% held by the subject company) EDM PUNGJUN CO., LTD.(1647110-005907) (100.0% held by the subject company) YEOUIJU CO., LTD.(1101110-114118) (49.0% held by the subject company) YIYA KOREA CO., LTD.(1101113-824392) (20.0% held by the subject company) KOSWIRE(S) PTE. LTD. (100.0% held by the subject company) KOS EUROPE GMBH (100.0% held by the subject company) KOS HK CO., LTD. (100.0% held by the subject company) BEROUN FOREST S.R.O. (99.0% held by the subject company) KOS TECH CO., LTD.(174611-0007797) (100.00% held by
the subject company) KOS AMERICA INC. KOSWIRE EUROPE S.R.O. |
|
Overseas Office |
|
|
Liaison Office |
KOS LIMITED SHENZHEN REPRESENTATIVE OFFICE |
|
Overseas Branch |
KOS AMERICA INC. KOS SHANGHAI |
|
Joint Venture |
|
|
Subsidiary |
KOS EUROPE GMBH (100.0% held by the subject company) KOSWIRE(S) PTE. LTD. (100.0% held by the subject company) KOS JAPAN INC. (100.0% held by the subject company) |
|
Corporate Ownership |
KOSWIRE CO., LTD.(180111-0285957) |
|
Major Shareholders |
KOSWIRE CO., LTD.(180111-0285957) |
|
Cooperative Enterprise |
-Insured Company HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) |
The Subject exports to Germany, Japan and USA.
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
: |
DIV |
|
|
|
|
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.