|
Report No. : |
349110 |
|
Report Date : |
07.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
KOREA NICKEL
CORP. |
|
|
|
|
Registered Office : |
400, Dunchon-Daero, Jungwon-Gu, Seongnam-Si,
Gyeonggi-Do, 8th Fl., Starwood Plaza, Korea 13229 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
01.05.1987 |
|
|
|
|
Com. Reg. No.: |
211-81-36261 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Other Smelting, Refining and Alloys of Non-ferrous
Metals |
|
|
|
|
No. of Employees : |
33 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. 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 slow growth due to sluggish domestic consumption and
investment. 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. In an effort to address the long term challenges and sustain
economic growth, the current government has prioritized structural reforms,
deregulation, promotion of entrepreneurship and creative industries, and the
competitiveness of small and medium enterprises.
|
Source
: CIA |
|
Company Name |
KOREA NICKEL
CORP. |
|
Registered Address |
400, Dunchon-daero, Jungwon-gu,
Seongnam-si, Gyeonggi-do, Korea |
|
Building |
8th Fl., Starwood Plaza |
|
Zip Code |
13229 |
|
Tel |
+82-31-737-0920 |
|
Fax |
+82-31-737-0950 |
|
E-mail |
thnam@koreazinc.co.kr |
|
Website |
www.korea-nickel.co.kr |
|
|
|
|
Trading Address |
8th Fl., Starwood Plaza, 400, Dunchon-daero,
Jungwon-gu, Seongnam-si, Gyeonggi-do, Korea (Old Address System : 8th Fl., Starwood
Plaza, 5439-1, Sangdaewon 2-dong, Jungwon-gu, Seongnam-si, Gyeonggi-do,
Korea) |
|
Tel |
+82-31-737-0954 |
|
Fax |
+82-31-737-0950 |
|
|
|
|
Other Address-Onsan Factory |
318, Gongdan-ro, Onsan-eup, Ulju-gun, Ulsan, Korea |
|
Tel |
+82-52-237-0071 |
|
|
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Other Smelting, Refining and Alloys of Non-ferrous
Metals |
|
Main Business |
Nickel, Electrolytic Nickel for Melting |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
05/01/1987 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Nickel(11101706) |
|
Sell |
Cobalt ore(11101615) |
|
Sell |
Copper(11101715) |
|
Sell |
Tin ore(11101610) |
|
Sell |
Chromium ore(11101612) |
|
Sell |
Chemicals including Bio Chemicals and Gas
Materials(12000000) |
|
Name |
Choi Chang-Young |
|
Address |
Suite 1-202, 33, Apgujeong-ro 75-gil,
Gangnam-gu, Seoul, Korea |
|
Date of Birth |
07/07/1944 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
5,400,000,000 |
|||||||||||||||||||||
|
Employees |
33 |
|||||||||||||||||||||
|
Formation |
Co., Ltd by Shares A Company of YOUNG POONG GROUP Foreign Direct Investment Corporation |
|||||||||||||||||||||
|
Bank Details |
KEB Hana Bank-Young Dong Branch Shinhan Bank Woori Bank |
|||||||||||||||||||||
|
Corporate Registered No. |
110111-0529482 |
|||||||||||||||||||||
|
Business Registered No. |
211-81-36261 |
|||||||||||||||||||||
|
Permit & Licenses |
02/22/2002 ISO 9001 08/19/2002 ISO 14001 Int’l Trade No.: 539083 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
05/01/1987 Incorporated as the present name 02/28/2009 Moved to the present HQ address
from 142, Nonhyeon-dong, Gangnam-gu, Seoul, Korea |
|||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Choi Chang-Young |
Male |
Korean |
02/15/1993 |
|
Co-President & CEO |
Mr. |
Choi Nae-Hyun(James Soung) |
Male |
Korean |
02/26/2015 |
|
Director |
Mr. |
Stuart Allan Harshaw |
Male |
Canadian |
06/30/2014 |
|
Director |
Mr. |
Robert Allan Morris |
Male |
Canadian |
11/12/2014 |
|
Director |
Mr. |
Kang Seok-Phil |
Male |
Korean |
02/26/2015 |
|
Auditor |
Mr. |
Noh Sang-Wook |
Male |
Korean |
03/03/2011 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
108,289,031,804 |
111,409,838,924 |
1,039,447,002 |
|
|
(*)2013 |
137,784,251,829 |
111,470,581,391 |
-9,436,961,487 |
|
(*)2012 |
259,375,041,417 |
155,828,977,159 |
-5,812,129,140 |
|
2011 |
313,027,273,401 |
173,051,417,103 |
6,583,569,532 |
|
2010 |
282,931,789,098 |
135,794,559,672 |
3,425,647,288 |
|
2009 |
194,485,897,015 |
130,246,646,763 |
-5,601,580,285 |
|
2008 |
462,639,917,561 |
184,382,446,559 |
23,515,770,127 |
|
2007 |
895,110,116,673 |
270,605,712,476 |
27,603,217,701 |
|
2006 |
574,062,226,199 |
191,892,493,668 |
-6,041,939,374 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
20,000,000,000 |
|
Paid-Up Capital(KRW) |
5,400,000,000 |
|
Total Issues Shares |
540,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total
Assets |
111,409,838,924 |
111,470,581,391 |
155,828,977,159 |
|
Current Assets |
81,666,432,384 |
75,438,341,414 |
101,417,035,253 |
|
Cash
& Cash Equivalents |
24,485,756,679 |
28,849,156,463 |
15,532,287,981 |
|
Current
Financial Instruments |
4,000,000,000 |
- |
|
|
Trade
Receivables & Other Receivables |
7,077,658,770 |
2,878,510,806 |
9,249,607,582 |
|
Inventories |
36,245,824,065 |
29,852,503,305 |
71,283,708,247 |
|
Deferred
Income Tax Assets |
262,808,363 |
143,120,470 |
196,690,140 |
|
Other
Financial Assets |
9,478,800,000 |
13,600,000,000 |
5,000,000,000 |
|
Other
Current Assets |
115,584,507 |
115,050,370 |
154,741,303 |
|
Non-Current Assets |
29,743,406,540 |
36,032,239,977 |
54,411,941,906 |
|
Non-Current
Financial Instruments |
11,000,000 |
11,000,000 |
11,000,000 |
|
Long-Term
Trade Receivables & Other Long-Term Receivables |
- |
713,856,000 |
647,275,200 |
|
Deferred
Income Tax Assets |
57,368,214 |
630,758,782 |
1,824,994,676 |
|
Investment_Related
Companies |
9,185,030,875 |
13,416,879,732 |
20,401,815,635 |
|
Tangibles |
7,184,524,914 |
7,557,367,650 |
7,994,105,286 |
|
Investment_Real
Estates |
12,091,938,786 |
12,488,834,062 |
12,885,729,339 |
|
Intangibles |
1,188,985,501 |
1,188,985,501 |
1,522,463,520 |
|
Other
Non-Current Finance Assets |
24,558,250 |
24,558,250 |
9,124,558,250 |
|
Total Liabilities |
1,311,653,608 |
1,046,528,201 |
35,040,706,882 |
|
Current Liabilities |
912,395,532 |
772,620,993 |
34,650,475,673 |
|
Trade
Payables & Other Payables |
321,010,883 |
652,958,605 |
1,540,891,833 |
|
Short-Term
Borrowings |
|
|
33,000,000,000 |
|
Other
Current Financial Debts |
400,643,879 |
33,554,708 |
- |
|
Other
Current Liabilities |
190,740,770 |
86,107,680 |
109,583,840 |
|
Non-Current Liabilities |
399,258,076 |
273,907,208 |
390,231,209 |
|
Confirmed
Salaries |
209,258,076 |
90,007,208 |
206,331,209 |
|
Other
Non-Current Financial Debts |
190,000,000 |
183,900,000 |
183,900,000 |
|
Capital Stock |
5,400,000,000 |
5,400,000,000 |
5,400,000,000 |
|
Others |
-293,171,241 |
-234,177,941 |
-372,679,577 |
|
Profit
Surplus |
104,991,356,557 |
105,258,231,131 |
115,760,949,854 |
|
Total
Equity |
110,098,185,316 |
110,424,053,190 |
120,788,270,277 |
|
Liab.
& Shareholder’s Equity |
111,409,838,924 |
111,470,581,391 |
155,828,977,159 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
108,289,031,804 |
137,784,251,829 |
259,375,041,417 |
|
Cost
of Sold Goods |
-101,588,609,977 |
-136,454,307,853 |
254,239,962,436 |
|
Gross
Profit |
6,700,421,827 |
1,329,943,976 |
5,135,078,981 |
|
Selling
& Admin. Expenses |
-2,415,370,830 |
-2,493,783,419 |
570,720,370 |
|
Operating
Income |
4,285,050,997 |
-1,163,839,443 |
2,052,164,193 |
|
Non-Operating
Profits |
-2,609,100,342 |
-7,181,251,085 |
2,512,194,418 |
|
Finance
Income |
2,284,527,806 |
1,516,268,261 |
2,138,375,524 |
|
Finance
Expenses |
-1,473,354,726 |
-1,805,107,914 |
-3,839,497,965 |
|
Other
Expenses |
684,979,045 |
679,868,096 |
708,877,295 |
|
Operating
Income |
-17,640,033 |
-444,046,138 |
-2,134,343,356 |
|
Profits from Equity Method Investment |
|
|
-5,751,538,800 |
|
Profits
from Investment on Related Companies |
-4,087,612,434 |
-7,128,233,390 |
2,010,549,031 |
|
Income
Before Taxes |
1,675,950,655 |
-8,345,090,528 |
-4,355,383,853 |
|
Income
Taxes Expenses |
-636,503,653 |
-1,091,870,959 |
1,456,745,287 |
|
Income
from Continuous Business |
|
-9,436,961,487 |
-5,812,129,140 |
|
Net
Income |
1,039,447,002 |
-9,436,961,487 |
-5,812,129,140 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Operating Activities Cash Flows |
-4,172,201,793 |
46,896,868,482 |
5,004,525,510 |
|
-Net
Income |
1,039,447,002 |
-9,436,961,487 |
-5,812,129,140 |
|
-Exp.
without Cash Outflow |
6,296,180,665 |
10,086,461,603 |
10,063,940,904 |
|
-Revenue
without Cash Inflows |
-4,908,038,541 |
-1,759,267,201 |
-7,926,670,728 |
|
-Changes
in Asset/ & Liability |
-8,081,465,303 |
47,367,919,097 |
13,495,484,076 |
|
Interests Received |
1,618,849,604 |
1,041,361,739 |
1,275,721,697 |
|
Interests Paid |
- |
-532,748,479 |
-1,647,851,935 |
|
Dividends
Received |
5,834,400 |
10,296,000 |
13,728,000 |
|
Income Taxes |
-143,009,620 |
119,807,210 |
-4,457,697,364 |
|
Cash Flows from Investing |
882,702,009 |
500,000,000 |
-99,763,480 |
|
Cash
Inflow from Investing |
4,937,991,511 |
500,000,000 |
72,500,000 |
|
Cash
Outflows for Investing |
-4,055,289,502 |
- |
-172,263,480 |
|
Cash Flows from Financing |
-1,073,900,000 |
-34,080,000,000 |
-3,656,262,430 |
|
Cash
Inflows from Financing |
6,100,000 |
- |
340,520,000,000 |
|
Cash
Outflows from Financing |
-1,080,000,000 |
-34,080,000,000 |
-344,176,262,430 |
|
Increase/Decrease in Cash |
-4,363,399,784 |
13,316,868,482 |
1,248,499,600 |
|
Cash at the Beginning of Year |
28,849,156,463 |
15,532,287,981 |
14,283,788,381 |
|
Cash at the End of Year |
24,485,756,679 |
28,849,156,463 |
15,532,287,981 |
|
Main Products & Services |
Nickel, Electrolytic Nickel for Melting |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
POSCO(174611-0000741) SEAH CHANGWON INTERGRATED SPECIAL STEEL CO., LTD.(194211-0025248) |
|
Competitors |
YOO CHANG METAL INDUSTRIAL CO., LTD. 245, NAE-DONG, OJEONG-GU, BUCHEON-SI,
GYEONGGI-DO, KOREA TEL:+82-32-674-1231 FAX:+82-32-674-8191 TORECOM CORP. 180, UNYONG-RI, DUNPO-MYEON, ASAN-SI,
CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-537-6114 FAX:+82-41-534-2136 SAMJI METAL INDUSTRIAL CO., LTD. 4MA-815, SIHWA INDUSTRIAL COMPLEX, 712,
SEONGGOK-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-319-8811 FAX:+82-31-319-8233 |
|
Affiliates-Domestic |
YOUNG POONG CORPORATION(110111-0003824) KOREA ZINC INC.(110111-0168404) KOREA CIRCUIT CO., LTD.(130111-0026749) INTERFLEX CO., LTD.(135011-0042924) YOUNG POONG ELECTRONICS CO.,
LTD.(135011-0032106) YOUNG POONG BOOK STORE CO.,
LTD.(110111-0855530) SIGNETICS CORP.(110111-0070815) KG INTERNATIONAL
CORPORATION(110111-4252807) YOUNGPOONG CORPORATION(110111-0003824) YOUNG POONG PRECISION
CORPORATION(110111-0342496) SEWON TEXTILE CO., LTD.(110111-0318760) TERRANIX CO., LTD.(135011-0042950) YOUNG POONG DEVELOPMENT CO.,
LTD.(110111-0612914) YOOMI DEVELOPMENT CO., LTD.(110111-0235542) SORIN INVESTMENT DEVELOPMENT
CORPORATION(110111-0074544) STI CORP.(115611-0019652) KOREA NICKEL CORP.(110111-0529482) SORIN I & T CO., LTD.(110111-1260077) KG GREENTECH CO.,LTD.(230111-0164077) CLEAN KOREA CO., LTD.(134711-0004996) SORIN CORPORATION(110111-0365068) KORYO HEAVY EQUIPMENT CO.,
LTD.(181211-0020558) KG ENGINEERING CO., LTD.(110111-2102153) ALANTUM CORPORATION(131111-0215078) (17.97% held by the subject company) XMETECH CO., LTD.(131111-0238400) (10.00% held by the subject company) |
|
Affiliates-Overseas |
KZ - PRANDA CO., LTD.(THAILAND) KZ MINERALS BOLIVIA S.A.(BOLIVIA) KZ MINERALS HOLDINGS PTE.LTD.(SINGAPORE) MINOCQUA METALS CORP.(AUSTRALIA) PAN PACIFIC METAL MINING CORP.(CANADA) COLWELL KENNEDY AUSTRALIA PTY.,
LTD.(AUSTRALIA) SUN METALS HOLDING PTY., LTD.(AUSTRALIA) YP JAPAN CORP.(JAPAN) CHINA CIRCUIT(TIANJIN) CO., LTD.(CHINA) SUN METALS CORP., PTY., LTD.(AUSTRALIA) ALANTUM EUROPE GMBH(GERMANY) IATM(DALIAN) CO., LTD.(CHINA) IATM(SHENYANG) CO., LTD.(CHINA) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company LIG INSURANCE CO., LTD.(110111-0017859) |
The Subject exports
to Asia and North America.
No.
--------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.79 |
|
|
1 |
Rs.99.95 |
|
Euro |
1 |
Rs.71.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.