|
Report No. : |
324861 |
|
Report Date : |
30.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
YK STEEL CORPORATION |
|
|
|
|
Registered Office : |
760, Eulsukdo-daero, Saha-gu, Busan, Korea |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
19.11.2002 |
|
|
|
|
Com. Reg. No.: |
603-81-51627 |
|
|
|
|
Legal Form : |
Co., Ltd by shares Foreign Direct Investment Corporation |
|
|
|
|
Line of Business : |
Manufacture of Hot Rolled, Drawn and Extruded Iron or Steel Products |
|
|
|
|
No. of Employees : |
410 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 |
YK STEEL CORPORATION (Korean Company Name : “와이케이스틸(주)”) |
|
Registered Address |
760, Eulsukdo-daero, Saha-gu, Busan, Korea (Old Address System : 90, Gupyeong-dong,
Saha-gu, Busan, Korea) |
|
Building |
|
|
Zip Code |
604-817 |
|
Tel |
+82-51-260-2114 |
|
Fax |
+82-51-262-2294 |
|
E-mail |
wbchoi@yksteel.co.kr |
|
Website |
www.yksteel.co.kr |
|
Trading Address |
7FL., LK Bldg., 91, Baekjegobun-ro,
Songpa-gu, Seoul, Korea (Old Address System : 7FL., LK Bldg.,
196-8, Jamsil-dong ,Songpa-gu, Seoul, Korea) |
|
Tel |
+82-2- 414-2710 |
|
Fax |
+82-2- 414-2900 |
|
Other Address-Gwangju Office |
147, Mareukbokgae-ro, Seo-gu, Gwangju,
Korea (Old Address System : 241-3,
Chipyeong-dong, Seo-gu, Gwangju, Korea) |
|
Tel |
+82-62-362-4460~1 |
|
Fax |
+82-62-362-4462 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Hot Rolled, Drawn and Extruded Iron or Steel Products |
|
Main Business |
Concrete Reinforcing Bar, Billet, Angle, Round Bar |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
11/19/2002 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Steel Bar for Concrete |
|
Sell |
Billet |
|
Sell |
Angle |
|
Sell |
Round Bar |
|
Name |
Lee Jong-Woong |
|
Address |
Suite 303-703, 51, Myeongji ocean city
11-ro, Gangseo-gu, Busan, Korea |
|
Date of Birth |
05/04/1961 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
5,937,820,000 |
||||||||||||
|
Employees |
410 |
||||||||||||
|
Formation |
Co., Ltd by shares Foreign Direct Investment Corporation |
||||||||||||
|
Bank Details |
Kookmin Bank Woori Bank Hana Bank SC First Bank of Korea |
||||||||||||
|
Corporate Registered No. |
180111-0429539 |
||||||||||||
|
Business Registered No. |
603-81-51627 |
||||||||||||
|
Permit & Licenses |
08/23/2004 ISO 14001 08/23/2004 ISO 9001 10/29/2009 K-OHSMS 18001 Int’l Trade No.: 11051916 |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
11/19/2002
Incorporated as YAMATO KOREA STEEL CO., LTD. 11/22/2002
Increased the authorized shares to 20,000,000 shares from 40,000 shares 11/26/2002
Registered as a Foreign Direct Investment Corporation 02/13/2003
Increased capital to 5,049,165,000 KRW from 3,029,500,000 KRW 06/30/2005
Changed company name to the present name 02/13/2008
Decreased the issued shares to 605,900 shares from 1,009,833 shares but same
capital 5,049,165,000 KRW 05/12/2012
Increased capital to 5,937,820,000 KRW from 5,049,165,000 KRW |
||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Lee Jong-Woong |
Male |
Korean |
03/25/2015 |
|
Director |
Mr. |
Sigeo Kawada |
Male |
Japanese |
01/27/2003 |
|
Director |
Mr. |
Takkahumi Yoshida |
Male |
Japanese |
03/09/2010 |
|
Auditor |
Mr. |
Lee Yang-Ho |
Male |
Korean |
03/25/2015 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
546,991,997,451 |
392,233,422,598 |
-33,738,291,317 |
|
|
2013 |
638,121,238,426 |
479,388,415,480 |
-45,514,187,884 |
|
2012 |
700,673,242,623 |
505,059,961,282 |
-4,921,169,828 |
|
2011 |
698,430,035,593 |
483,062,706,549 |
3,502,157,703 |
|
2010 |
624,733,209,304 |
433,221,820,039 |
2,551,101,173 |
|
2009 |
701,212,237,351 |
452,703,033,970 |
56,382,139,458 |
|
2008 |
866,958,892,095 |
447,589,142,942 |
82,066,211,213 |
|
2007 |
583,674,764,522 |
397,181,252,265 |
30,284,248,164 |
|
2006 |
468,895,519,153 |
386,484,410,782 |
31,296,733,827 |
|
2005 |
484,560,583,017 |
376,017,805,613 |
40,863,814,809 |
|
2004 |
448,707,716,859 |
316,600,563,472 |
32,109,222,958 |
|
2003 |
388,314,563,303 |
241,149,594,246 |
29,785,181,083 |
|
Authorized Capital(KRW) |
100,000,000,000 |
|
Paid-Up Capital(KRW) |
5,937,820,000 |
|
Total Issues Shares |
783,631(Common : 605,900 /
Preferable : 177,731) |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
392,233,422,598 |
479,388,415,480 |
505,059,961,282 |
|
Current Assets |
213,176,290,597 |
287,541,837,075 |
283,280,403,288 |
|
-Quick Assets |
136,905,716,139 |
205,644,306,919 |
203,419,992,769 |
|
-Inventories |
76,270,574,458 |
81,897,530,156 |
79,860,410,519 |
|
Fixed Assets |
179,057,132,001 |
191,846,578,405 |
221,779,557,994 |
|
-Investment |
|
|
505,990,000 |
|
-Tangibles |
176,688,494,930 |
190,369,150,905 |
216,431,876,454 |
|
-Intangibles |
311,043,152 |
342,408,848 |
373,774,544 |
|
-Others |
2,057,593,919 |
1,135,018,652 |
4,467,916,996 |
|
Total Liabilities |
110,959,957,832 |
158,324,705,570 |
138,482,063,488 |
|
Current Liabilities |
95,360,625,482 |
143,193,014,970 |
123,215,342,568 |
|
Fixed Liabilities |
15,599,332,350 |
15,131,690,600 |
15,266,720,920 |
|
Capital Stock |
5,937,820,000 |
5,937,820,000 |
5,937,820,000 |
|
Capital Surplus |
178,564,773,139 |
178,564,773,139 |
178,564,773,139 |
|
Profit Surplus |
96,770,871,627 |
136,561,116,771 |
182,075,304,655 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
281,273,464,766 |
321,063,709,910 |
366,577,897,794 |
|
Liab. & Shareholder’s Equity |
392,233,422,598 |
479,388,415,480 |
505,059,961,282 |
|
Current Liabilities |
95,360,625,482 |
143,193,014,970 |
123,215,342,568 |
|
Trade Payables |
64,808,470,909 |
112,344,805,488 |
85,795,265,453 |
|
Account Payables |
23,138,680,921 |
25,027,292,663 |
30,050,203,746 |
|
Advance Receipts |
1,949,422,369 |
1,015,505,096 |
1,387,019,125 |
|
Withholdings |
258,201,588 |
352,446,167 |
326,082,913 |
|
Accrued Expenses |
3,442,562,395 |
3,303,718,238 |
3,856,637,923 |
|
VAT Withhold |
1,763,287,300 |
1,149,247,318 |
1,800,133,408 |
|
Fixed Liabilities |
15,599,332,350 |
15,131,690,600 |
15,266,720,920 |
|
Provision for Severance &
Retirement |
15,599,332,350 |
15,131,690,600 |
15,266,720,920 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
546,991,997,451 |
638,121,238,426 |
700,673,242,623 |
|
Cost of Sold Goods |
561,763,274,723 |
653,448,318,307 |
680,751,973,487 |
|
Gross Profit |
-14,771,277,272 |
-15,327,079,881 |
19,921,269,136 |
|
Selling & Admin. Expenses |
21,741,917,071 |
23,281,760,681 |
24,838,438,131 |
|
Operating Income |
-36,513,194,343 |
-38,608,840,562 |
-4,917,168,995 |
|
Non-Operating Income |
4,068,836,725 |
3,460,293,794 |
7,638,304,375 |
|
Non-Operating Expenses |
1,045,376,159 |
7,034,657,781 |
9,953,511,650 |
|
Income Before Taxes |
-33,489,733,777 |
-42,183,204,549 |
-7,232,376,270 |
|
Income Taxes Expenses |
248,557,540 |
3,330,983,335 |
-2,311,206,442 |
|
Net Income |
-33,738,291,317 |
-45,514,187,884 |
-4,921,169,828 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Cash Flows from Operating |
-15,782,870,169 |
9,146,857,091 |
2,014,705,701 |
|
-Net Income |
-33,738,291,317 |
-45,514,187,884 |
-4,921,169,828 |
|
-Exp. without Cash Outflow |
31,729,887,437 |
41,354,542,379 |
32,476,196,091 |
|
-Revenue without Cash Inflows |
-1,326,780,000 |
-653,937,174 |
-1,603,878,207 |
|
-Changes in Asset/ & Liability |
-12,447,686,289 |
13,960,439,770 |
-23,936,442,355 |
|
Cash Flows from Investing |
-9,739,192,560 |
-10,405,927,300 |
-18,402,070,067 |
|
-Cash Inflow from Investing |
1,379,590,000 |
709,083,260 |
193,571,029,028 |
|
-Cash Outflows for Investing |
-11,118,782,560 |
-11,115,010,560 |
-211,973,099,095 |
|
Cash Flows from Financing |
-6,051,953,827 |
- |
45,112,354,473 |
|
-Cash Inflows from Financing |
183,000,000,000 |
117,000,000,000 |
205,112,354,473 |
|
-Cash Outflows from Financing |
-189,051,953,827 |
-117,000,000,000 |
-160,000,000,000 |
|
Increase/Decrease in Cash |
-31,574,016,556 |
-1,259,070,209 |
28,724,990,107 |
|
Cash at the Beginning of Year |
47,659,574,121 |
48,918,644,330 |
20,193,654,223 |
|
Cash at the End of Year |
16,085,557,565 |
47,659,574,121 |
48,918,644,330 |
|
Main Products & Services |
Concrete Reinforcing Bar, Billet, Angle, Round Bar |
|
Annual Production Capacity |
Re-Bar : 1,025,000ton/year Billet : 1,127,000ton/year |
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
Competitors |
DYWIDAG SYSTEMS KOREA CO., LTD. 5TH FL., BOMNALACHIM BLDG., 249-2, YANGJAE
2-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-3472-0141~4 FAX:+82-2-3472-0145 DAEHAN STEEL CO., LTD. 370-16, SINPYEONG 1-DONG, SAHA-GU, BUSAN,
KOREA TEL:+82-51-220-3300 FAX:+82-51-220-3398 KOREA STEEL SHAPES CO., LTD. 727-3, HAKJANG-DONG, SASANG-GU, BUSAN,
KOREA TEL:+82-51-323-2611 FAX:+82-51-325-5713 |
|
Affiliates |
YAMATO KOGYO CO., LTD.(JAPAN) NUCOR YAMATO STEEL COMPANY(USA) YAMATO STEEL CO., LTD.(JAPAN) YAMATO TRACK WORK SYSTEM CO., LTD.(JAPAN) YAMATO SHOJI CO., LTD.(JAPAN) HOKUTO TSUSHIN CO., LTD.(JAPAN) FAIRWAY CO., LTD.(JAPAN) OUTREAU TECHNOLOGIES JAPAN CO., LTD.(JAPAN) HIMEJI TEKKO REFINE CO., LTD.(JAPAN) KIBI CO., LTD.(JAPAN) YAMATO KOGYO AMERICA, INC. (USA) YAMATO HOLDING CORPORATION(USA) NUCOR YAMATO STEEL COMPANY(USA) ARKANSAS STEEL ASSOCIATE LLC(USA) ADVANCED STEEL RECOVERY, LLC(USA) SIAM YAMATO STEEL CO., LTD.(THAILAND) SULB COMPANY BSC(BAHRAIN) UNITED STEEL COMPANY BAHRAIN VENTURE CO.WLL(BAHRAIN) UNITED SULB COMPANY LLC(SAUDI ARABIA) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate Ownership |
YAMATO KOGYO CO., LTD(JAPAN) YAMATO KOGYO(U.S.A) CORPORATION |
|
Major Shareholders |
YAMATO KOGYO(U.S.A) CORPORATION |
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
The Subject deals with the companies in Japan, Netherlands, USA and
Thailand.
No.
-------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.76 |
|
|
1 |
Rs.97.80 |
|
Euro |
1 |
Rs.69.91 |
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.