|
Report No. : |
344825 |
|
Report Date : |
13.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
KUMKANG KIND CO., LTD. |
|
|
|
|
Registered Office : |
110, Dasan-Ro, Saha-Gu, Busan, Korea 49489 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
08.08.1979 |
|
|
|
|
Com. Reg. No.: |
603-81-15882 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
· Manufacture of Pipes and Tubes, of Non-cast Iron or Steel · Manufacture of Structural Metal Sheet Products and Ornamental Metal Works Used on Building |
|
|
|
|
No. of Employees : |
374 |
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 |
KUMKANG KIND
CO., LTD. |
|
Registered Address |
110, Dasan-ro, Saha-gu, Busan, Korea (Old Address System : 1512-3, Dadae
1-dong, Saha-gu, Busan, Korea) |
|
Building |
|
|
Zip Code |
49489 |
|
Tel |
+82-51-264-8881 |
|
Fax |
+82-51-264-2964 |
|
E-mail |
webmaster@kumkang.com |
|
Website |
www.kumkangkind.com;www.kum-kang.com |
|
|
|
|
Trading Address |
Kumkang Kind Bldg., 16, Hyoryeong-ro 60-gil,
Seocho-gu, Seoul, Korea (Old Address System : Kumkang Kind Bldg.,
1445-2, Seocho-dong, Seocho-gu, Seoul, Korea) |
|
Tel |
+82-2-3415-4104 |
|
Fax |
+82-2-3415-4165 |
|
|
|
|
Other Address-Eonyang Factory |
140-25, Gacheon-ri, Samnam-myeon, Ulju-gun, Ulsan, Korea |
|
Tel |
+82-52-255-5300 |
|
Fax |
+82-52-255-5319 |
|
|
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Pipes and Tubes, of Non-cast Iron or Steel |
|
Main Business |
Steel Pipe, Cramp, Panel Form, Aluminum Foam, Gang Forms, Construction
Ashes, Clamp, Scaffolding Pipe,
Supporting Frame |
|
Sub
Business |
Manufacture of Structural Metal Sheet Products and Ornamental Metal
Works Used on Building |
|
|
|
|
Established (mm/dd/yyyy) |
08/08/1979 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Ladders and scaffolding
accessories(30191600) |
|
Sell |
Foams(13111300) |
|
Sell |
Fencing(30152000) |
|
Sell |
Step stool(30191505) |
|
Sell |
Clamps(31162900) |
|
Sell |
Beams(30101700) |
|
Sell |
Pipe(40142100) |
|
Sell |
Scaffolding(30191502) |
|
Sell |
Connecting or coupling pins(31162416) |
|
Sell |
Kick plates(30171513) |
|
Sell |
Steel plate(30102204) |
|
Sell |
Foundry molds(23161606) |
|
Name |
Jeon Jang-Yeol |
|
Address |
|
|
Date of Birth |
08/18/1952 |
|
Title |
Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
24,869,695,000 |
||||||||||||||||||||||||
|
Employees |
374 |
||||||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange : 014280) as of 09/10/1988 A Company of KUMKANG
INDUSTRIAL GROUP |
||||||||||||||||||||||||
|
Bank Details |
SC First Bank of Korea Korea Development Bank Busan Bank |
||||||||||||||||||||||||
|
Corporate Registered No. |
180111-0034320 |
||||||||||||||||||||||||
|
Business Registered No. |
603-81-15882 |
||||||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 900643 |
||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||
|
Company History |
08/08/1979 Incorporated as KUMKANG STEEL
PIPE CO., LTD. 12/31/1980 Changed company name to the
present name |
||||||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Chairman & CEO |
Mr. |
Jeon Jang-Yeol |
Korean |
1952.08.18 |
U.S.C, USA |
|
President & CEO |
Mr. |
Lee Bum-Ho |
Korean |
1960.10.20 |
Gangnam University, Korea |
|
Auditor |
Mr. |
Lee Won-Mo |
Korean |
1951.07.02 |
Kwangwun University, Korea |
|
Outside Director |
Mr. |
Lee Sung-Oh |
Korean |
1953.06.05 |
Seoul National University, Korea |
|
Vice President |
Mr. |
Jeon Jae-Bum |
Korean |
1979.12.07 |
Suffolk University |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
88,957,561,234 |
515,065,524,401 |
3,866,391,578 |
|
|
(*)2014 |
452,489,663,521 |
521,016,169,481 |
13,123,788,986 |
|
(*)2013 |
424,978,192,982 |
489,779,880,244 |
12,835,143,035 |
|
(*)2012 |
376,902,951,799 |
462,007,030,135 |
9,763,683,531 |
|
2011 |
289,006,169,082 |
390,653,177,821 |
2,001,120,856 |
|
2010 |
271,484,803,289 |
350,458,001,895 |
3,385,777,922 |
|
2009 |
237,751,394,481 |
295,387,320,762 |
7,396,386,179 |
|
2008 |
279,441,526,700 |
294,710,895,095 |
5,094,596,297 |
|
2007 |
230,959,498,239 |
267,304,989,572 |
1,566,912,661 |
|
2006 |
221,817,562,720 |
223,935,489,588 |
5,762,207,731 |
|
2005 |
214,392,622,843 |
197,540,640,293 |
6,472,807,609 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
70,000,000,000 |
|
Paid-Up Capital(KRW) |
24,869,695,000 |
|
Total Issues Shares |
4,973,939(Common : 4,855,964 / Preferable :117,975) |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total
Assets |
515,065,524,401 |
521,016,169,481 |
489,779,880,244 |
|
Current
Assets |
160,326,329,358 |
169,877,189,932 |
171,132,901,149 |
|
Cash
& Cash Equivalents |
28,848,587,208 |
32,062,417,703 |
34,036,399,414 |
|
Trade
Receivables & Other Receivables |
84,362,082,069 |
93,555,817,573 |
91,654,315,739 |
|
Current
Financial Instruments |
337,335,977 |
341,121,939 |
638,245,909 |
|
Inventories |
45,909,602,721 |
42,938,650,052 |
43,812,571,442 |
|
Other
Current Assets |
868,721,383 |
979,182,665 |
991,368,645 |
|
Non-Current
Assets |
354,739,195,043 |
351,138,979,549 |
318,646,979,095 |
|
Tangibles |
300,391,510,480 |
298,555,818,523 |
268,164,960,134 |
|
Intangibles |
9,012,115,148 |
7,491,230,654 |
6,357,323,949 |
|
Investment_Real
Estates |
8,176,619,830 |
8,289,909,912 |
7,951,801,626 |
|
Investment_Subsidiaries |
28,659,808,479 |
28,659,808,479 |
28,434,301,829 |
|
Non-Current
Financial Instruments |
7,342,302,550 |
7,173,825,705 |
6,346,962,555 |
|
Long-Term
Trade Receivables & Other Receivables |
1,156,838,556 |
968,386,276 |
1,391,629,002 |
|
Total
Liabilities |
311,615,851,405 |
319,325,164,745 |
298,048,836,838 |
|
Current
Liabilities |
220,700,368,237 |
226,014,281,740 |
262,719,890,022 |
|
Trade
Payables & Other Payables |
53,149,340,308 |
56,391,471,646 |
72,474,797,408 |
|
Other
Current Borrowings |
158,734,820,369 |
156,050,516,032 |
175,192,462,210 |
|
Other
Current Liabilities |
6,855,573,424 |
11,469,354,476 |
10,950,488,476 |
|
Accrued
Income Tax |
1,960,634,136 |
2,102,939,586 |
4,102,141,928 |
|
Non-Current
Liabilities |
90,915,483,168 |
93,310,883,005 |
35,328,946,816 |
|
Other
Non-Current Borrowings |
77,212,060,000 |
81,614,820,000 |
22,485,860,000 |
|
Other
Non-Current Debts |
4,298,256,182 |
3,852,036,182 |
4,004,264,432 |
|
Provision
for Severance & Retirement |
2,747,041,673 |
1,298,640,103 |
837,382,222 |
|
Deferred
Income Tax Credit |
6,100,319,758 |
5,881,501,301 |
7,199,109,782 |
|
Non-Current
Provisions |
557,805,555 |
663,885,419 |
802,330,380 |
|
Capital
Stock |
24,869,695,000 |
24,869,695,000 |
24,869,695,000 |
|
Capital
Surplus |
13,062,249,320 |
13,062,249,320 |
13,062,249,320 |
|
Other
Capital |
15,601,458,210 |
15,601,458,210 |
15,601,458,210 |
|
Others |
684,257,025 |
480,324,613 |
429,204,954 |
|
Profit
Surplus |
149,232,013,441 |
147,677,277,593 |
137,768,435,922 |
|
Total
Equity |
203,449,672,996 |
201,691,004,736 |
191,731,043,406 |
|
Liab.
& Shareholder’s Equity |
515,065,524,401 |
521,016,169,481 |
489,779,880,244 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
88,957,561,234 |
452,489,663,521 |
424,978,192,982 |
|
Cost of Sold Goods |
73,658,341,984 |
385,592,958,970 |
363,381,754,528 |
|
Gross Profit |
15,299,219,250 |
66,896,704,551 |
61,596,438,454 |
|
Selling & Admin. Expenses |
6,907,612,837 |
30,959,628,593 |
28,375,270,656 |
|
Logistics |
2,111,841,603 |
9,973,689,899 |
11,045,196,251 |
|
Operating Income |
6,279,764,810 |
25,963,386,059 |
22,175,971,547 |
|
Operating Income |
1,296,630,764 |
3,527,611,604 |
5,971,677,893 |
|
Operating Expenses |
549,524,083 |
3,295,392,903 |
2,700,467,980 |
|
Finance Income |
66,588,900 |
380,532,175 |
610,291,160 |
|
Finance Expenses |
2,171,601,618 |
9,322,138,298 |
9,161,716,011 |
|
Income Before Taxes |
4,921,858,773 |
17,253,998,637 |
16,895,756,609 |
|
Income Taxes Expenses |
1,055,467,195 |
4,130,209,651 |
4,060,613,574 |
|
Net Income |
3,866,391,578 |
13,123,788,986 |
12,835,143,035 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Operating
Activities Cash Flows |
21,683,846,719 |
82,568,038,824 |
63,403,658,471 |
|
Net
Income |
3,866,391,578 |
13,123,788,986 |
12,835,143,035 |
|
Adjustment |
16,422,522,391 |
80,119,996,074 |
49,749,518,454 |
|
Changes
in Asset/ & Liability |
4,283,276,491 |
4,662,852,185 |
15,950,327,682 |
|
Dividends
Received |
58,314,000 |
462,564,350 |
627,591,130 |
|
Interests
Received |
74,321,143 |
440,411,344 |
684,938,230 |
|
Interests
Paid |
-2,130,198,881 |
-9,251,254,087 |
-9,332,281,646 |
|
Income
Taxes |
-890,780,003 |
-6,990,320,028 |
-7,111,578,414 |
|
Cash
Flows from Investing |
-23,179,233,275 |
-122,957,518,965 |
-86,319,421,465 |
|
Cash
Flows from Financing |
-1,718,455,663 |
38,415,581,072 |
23,908,719,664 |
|
Increase/Decrease
in Cash |
-3,213,842,219 |
-1,973,899,069 |
992,956,670 |
|
Cash
at the Beginning of Year |
32,062,417,703 |
34,036,399,414 |
33,043,580,994 |
|
Cash
at the End of Year |
28,848,587,208 |
32,062,417,703 |
34,036,399,414 |
|
Main Products & Services |
Steel Pipe, Cramp, Panel Form, Aluminum Foam, Gang Forms, Construction
Ashes, Clamp, Scaffolding Pipe,
Supporting Frame |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
POSCO(174611-0000741) KOREA ZINC INC(110111-0168404) GOGANG ALUMINIUM CO., LTD.(230111-0113719) |
|
Customers |
|
|
Competitors |
SAMMOK PRECSION & IND CO., LTD.(110111-0400377) HYUNDAI ALUMINUM CORPORATION(110111-2426264) |
|
Affiliates-Domestic |
KUMKANG FOSTEM CO., LTD.(110111-1243700) BUSAN FRUTT & VEG CO.,
LTD.(180111-0148080) D&A CO., LTD.(KOREA) INSAN DIGICHEM CO., LTD.(110111-1700213) EVERCOS CO., LTD.(184511-0013736) KORYO CO., LTD.(KOREA) HANKOOK KOTECH CO., LTD.(204611-0020651) KOSLINE CO., LTD.(KOREA) JUNGWON ENGINEERING CO.,
LTD.(154511-0026066) DONGSEO ECO SOIL CO., LTD.(180111-0621143) CASTEC CO., LTD.(160111-0075005) GIMHAE LOGISTICS TERMINAL CO.,
LTD.(195511-0131395) |
|
Affiliates-overseas |
DONGSUH INDONESIA.PT(INDONESAI) HAPPY FARM DALAT CO.,LTD.(VIETNAM) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
KOREA INDUSTRIAL CO., LTD.(180111-0001494) (48.38% held by
the subject company) DONG-SUH CHEMICAL IND CO.,
LTD.(174611-0000949) (49.73% held by
the subject company) KUMKANG INFORMATION SYSTEM CO.,
LTD.(110111-2793291) (66.67% held by
the subject company) KUMKANG KIND(M) SDN,BHD(MALAYSIA) (100.0% held by the subject company) KUMKANG KIND U.S.A., INC (USA) (100.0% held by the subject company) KUMKANG KIND VIETNAM CO.,LTD.(VIETNAM) (100.0% held by the subject company) KUMKANG KIND INDIA PRIVATE LIMITED.(INDIA) (100.0% held by the subject company) |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
|
Sales/ Unit :Mil KRW |
03/2010 |
2010 |
2009 |
|
Export |
13,899 |
62,711 |
33,336 |
|
Domestic |
61,130 |
208,774 |
204,415 |
|
Total |
75,029 |
271,485 |
237,751 |
The Subject deals with
the companies in Japan, Malaysia, Singapore and USA.
No.
--------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.73 |
|
|
1 |
Rs.99.30 |
|
Euro |
1 |
Rs.73.60 |
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.