|
Report No. : |
341162 |
|
Report Date : |
12.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
WELCRON KANGWON
CO., LTD. |
|
|
|
|
Registered Office : |
919-18, Poseungjangan-ro, Jangan-myeon,
Hwaseong-si, Gyeonggi-do, Korea |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
30.06.2015 |
|
|
|
|
Date of Incorporation : |
06.02.1976 |
|
|
|
|
Com. Reg. No.: |
124-81-46960 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Nuclear Reactors and Steam Generators |
|
|
|
|
No. of Employees : |
138 |
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 |
WELCRON KANGWON
CO., LTD. (Ex. Company
Name : KANGWON B&E CO., LTD., “강원비앤이(주)” (Korean Company
Name : “(주)웰크론강원”) |
|
Registered Address |
919-18, Poseungjangan-ro, Jangan-myeon,
Hwaseong-si, Gyeonggi-do, Korea (Old Address System : 580-1, Jang-an-ri,
Jang-an-myeon, Hwaseong-si, Gyeonggi-do, Korea) |
|
Building |
|
|
Zip Code |
18586 |
|
Tel |
+82-31-358-7683 |
|
Fax |
+82-31-358-8676 |
|
E-mail |
kwb21@kwb21.com |
|
Website |
www.kwb21.com |
|
Trading Address |
4FL., Welcron Bldg., 212-24, Guro-dong, Guro-gu, Seoul, Korea |
|
Tel |
+82-2-6670-9000 |
|
Fax |
+82-2-2108-4611 |
|
Other Address |
|
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Nuclear Reactors and Steam Generators |
|
Main Business |
Industrial Boilers, HRSG, Heat Exchangers, Incinerators, Furnaces,
Fired Heater, Direct Fired Incinerator, Catalytic Oxidizer |
|
Sub
Business |
Manufacture of Central Heating Boilers and Radiators |
|
Established (mm/dd/yyyy) |
02/06/1976 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Boilers(40102000) |
|
Sell |
Fire tube boilers(40102001) |
|
Sell |
Water tube boiler(40102002) |
|
Sell |
Convection heaters(40101811) |
|
Name |
Lee Young-Kyu |
|
Address |
|
|
Date of Birth |
11/10/1959 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
7,626,515,000 |
|||||||||||||||||||||||||||
|
Employees |
138 |
|||||||||||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 114190) as of 11/20/2009 |
|||||||||||||||||||||||||||
|
Bank Details |
Industrial Bank of Korea-Gaebong Branch |
|||||||||||||||||||||||||||
|
Corporate Registered No. |
110111-0191398 |
|||||||||||||||||||||||||||
|
Business Registered No. |
124-81-46960 |
|||||||||||||||||||||||||||
|
Permit & Licenses |
12/21/1997 ISO 9001 12/27/1997 EM Mark 04/23/2001 ISO 14001 Int’l Trade No.: 175272 |
|||||||||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||||||||
|
Company History |
03/1971 Established as KANGWON BOILER CO.(Sole
Proprietorship) 02/06/1976 Incorporated as KANGWON BOILER
MANUFACTURING CO., LTD. 11/2001 Awarded US$ 5 Million Export Top
Prize 11/2007 Awarded US$ 10 Million Export Top
Prize 06/2008 Changed company name to KANGWON B&E CO., LTD. 11/30/2011 Awarded US$ 20 Million Export Top
Prize 03/23/2012 Changed company name to the
present name 12/2013 awarded US$ 50 Million Export Top
Prize |
|||||||||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Lee Young-Kyu |
Korean |
1959.11.10 |
- |
|
Vice Chairman |
Mr. |
Lee Hyo-Kook |
Korean |
1949.02.16 |
Lusiana State University, USA |
|
Vice President & CEO |
Mr. |
Sohn Ki-Tae |
Korean |
1966.10 |
- |
|
Executive Director |
Mr. |
Lee Hun-Kyu |
Korean |
1963.08. |
- |
|
Director |
Mr. |
Jung Sung-Sik |
Korean |
1968.05.03 |
- |
|
Auditor |
Mr. |
Song Young-Sub |
Korean |
1961.09.06 |
Korea University, Korea |
|
Outside Director |
Mr. |
Lee Bum-Yong |
Korean |
1958.03 |
- |
|
Outside Director |
Mr. |
Jung Ui-Kyun |
Korean |
1947.11 |
- |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
(*)06/2015 |
21,266,668,131 |
66,116,471,487 |
-345,640,195 |
|
(*)12/2014 |
51,481,321,298 |
67,037,638,566 |
1,123,194,300 |
|
(*)12/2013 |
50,660,658,965 |
72,441,332,830 |
3,922,207,543 |
|
(*)12/2012 |
106,471,213,705 |
89,258,207,531 |
8,974,548,879 |
|
12/2011 |
5,803,423,154 |
59,922,123,862 |
921,015,620 |
|
11/2011 |
50,222,892,047 |
53,719,067,042 |
5,754,714,777 |
|
11/2010 |
30,619,298,393 |
28,677,831,553 |
1,716,785,857 |
|
11/2009 |
38,673,259,927 |
31,707,898,689 |
2,590,391,566 |
|
11/2008 |
49,499,532,666 |
29,219,823,693 |
2,333,829,008 |
|
11/2007 |
31,479,842,441 |
22,319,635,110 |
2,334,372,519 |
(*)Figures are based on
the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
25,000,000,000 |
|
Paid-Up Capital(KRW) |
7,626,515,000 |
|
Total Issues Shares |
15,253,030 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total Assets |
66,116,471,487 |
67,037,638,566 |
72,441,332,830 |
|
Current
Assets |
45,830,526,599 |
48,800,730,307 |
61,556,227,707 |
|
Cash & Cash Equivalents |
13,881,139,878 |
11,986,632,999 |
29,503,809,105 |
|
Other Financial Assets |
900,000,000 |
2,530,000,000 |
8,866,600,000 |
|
Marketable Financial Instruments |
3,926,283,798 |
3,919,654,152 |
2,335,067,972 |
|
Current Financial Instruments |
|
|
663,080,000 |
|
Trade Receivables |
22,128,632,594 |
25,063,243,950 |
15,820,368,644 |
|
Other Receivables |
3,038,803,339 |
3,221,972,772 |
134,374,552 |
|
Inventories |
1,395,493,949 |
1,736,908,938 |
2,086,978,152 |
|
Other Current Assets |
560,173,041 |
342,317,496 |
2,145,949,282 |
|
Non-Current
Assets |
20,285,944,888 |
18,236,908,259 |
10,885,105,123 |
|
Marketable Financial Instruments |
5,498,863,620 |
4,209,934,695 |
2,940,244,370 |
|
Non-Current Financial Instruments |
250,862,151 |
162,513,216 |
36,599,309 |
|
Tangibles |
10,187,410,561 |
10,004,091,478 |
4,787,447,597 |
|
Intangibles |
1,657,088,746 |
1,724,088,746 |
928,500,746 |
|
Investment_Related Companies |
|
|
759,351,330 |
|
Other Non-Current Receivables |
1,026,782,380 |
50,334,300 |
50,334,300 |
|
Other Non-Current Assets |
1,664,937,430 |
1,688,937,430 |
1,181,867,000 |
|
Deferred
Income Tax Credit |
|
397,008,394 |
200,760,471 |
|
Total
Liabilities |
11,815,396,704 |
16,592,147,200 |
26,564,177,500 |
|
Current
Liabilities |
11,787,733,878 |
16,587,078,415 |
26,561,223,546 |
|
Trade Payables |
6,013,395,243 |
8,949,783,920 |
6,911,586,660 |
|
Other Current Liabilities |
5,774,338,635 |
7,637,294,495 |
16,497,111,417 |
|
Current Portion of Bonds with
Warrant |
|
|
3,152,525,469 |
|
Non-Current
Liabilities |
27,662,826 |
5,068,785 |
2,953,954 |
|
Deferred
Income Tax |
13,088,520 |
|
|
|
Provision for Severance &
Retirement |
14,574,306 |
5,068,785 |
2,953,954 |
|
Capital
Stock |
7,626,515,000 |
7,195,481,000 |
6,333,413,000 |
|
Capital Surplus |
14,503,666,250 |
13,082,610,512 |
9,180,043,766 |
|
Installments |
1,841,770,354 |
-177,386,840 |
-271,781,148 |
|
Others |
955,348,250 |
625,371,570 |
1,659,254,108 |
|
Profit Surplus |
29,373,774,929 |
29,719,415,124 |
28,976,225,604 |
|
Total Equity |
54,301,074,783 |
50,445,491,366 |
45,877,155,330 |
|
Liab. & Shareholder’s Equity |
66,116,471,487 |
67,037,638,566 |
72,441,332,830 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
21,266,668,131 |
51,481,321,298 |
50,660,658,965 |
|
Cost of Sold Goods |
17,571,396,525 |
40,566,048,909 |
38,917,146,707 |
|
Gross Profit |
3,695,271,606 |
10,915,272,389 |
11,743,512,258 |
|
Selling & Admin. Expenses |
3,981,955,837 |
9,288,975,799 |
8,509,281,977 |
|
Operating Income |
-286,684,231 |
1,626,296,590 |
3,234,230,281 |
|
Other Non-Operating Income |
379,111,044 |
1,354,778,606 |
2,322,884,807 |
|
Other Non-Operating Expenses |
844,545,915 |
2,691,234,227 |
2,727,615,742 |
|
Finance Income |
437,382,864 |
1,307,804,492 |
3,054,503,831 |
|
Finance Expenses |
100,087,546 |
456,995,133 |
667,111,319 |
|
Income Before Taxes |
-414,823,784 |
1,140,650,328 |
5,216,891,858 |
|
Income Taxes Expenses |
-69,183,589 |
17,456,028 |
1,294,684,315 |
|
Net Income |
-345,640,195 |
1,123,194,300 |
3,922,207,543 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Operating
Activities Cash Flows |
-1,945,235,967 |
-14,600,421,349 |
16,975,955,445 |
|
Net Income |
-345,640,195 |
1,123,194,300 |
3,922,207,543 |
|
Adjustment |
356,763,302 |
2,806,916,320 |
2,266,109,540 |
|
Changes in Asset/ & Liability |
-1,888,709,727 |
-17,996,423,566 |
13,067,612,470 |
|
Income Taxes |
-67,649,347 |
-534,108,403 |
-2,279,974,108 |
|
Cash Flows from Investing |
1,726,537,249 |
-2,463,292,155 |
10,839,413,934 |
|
-Cash Inflow from Investing |
4,168,079,361 |
42,617,766,150 |
37,196,940,698 |
|
-Cash Outflows for Investing |
-2,441,542,112 |
-45,081,058,305 |
-26,357,526,764 |
|
Cash Flows from Financing |
2,041,427,595 |
-390,858,700 |
-3,777,017,067 |
|
-Cash Inflows from Financing |
2,042,239,092 |
3,999,995,520 |
|
|
-Cash Outflows from Financing |
-811,497 |
-4,390,854,220 |
-3,777,017,067 |
|
Increase/Decrease in Cash |
1,894,506,879 |
-17,517,176,106 |
23,862,235,822 |
|
Cash at the Beginning of Year |
11,986,632,999 |
29,503,809,105 |
5,641,573,283 |
|
Cash at the End of Year |
13,881,139,878 |
11,986,632,999 |
29,503,809,105 |
|
Main Products & Services |
Industrial Boilers, HRSG, Heat Exchangers, Incinerators, Furnaces,
Fired Heater, Direct Fired Incinerator, Catalytic Oxidizer |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
POSCO(174611-0000741) |
|
Customers |
|
|
Competitors |
SEENTEC CO., LTD.(194211-0046004) TODAYSURE PROJECT(USA) ENERCON SYSTEM(UK) HS THERMAL ENGINEERING(UK) GEM CANADA(CANADA) MACCI(ITALY) CELICES(MEXICO) THERMAX(INDIA) |
|
Affiliates |
WELCRON HANTEC CO., LTD. (Ex. HANTEC ENGINEERING CO., LTD. 110111-1118276) WELCRON COMPANY LIMITED(110111-0860216) WELCRON HEALTHCARE CO. LTD.,(120111-0296039) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
WELCRON GLOBAL VIETNAM JOINT STOCK COMPANY (23.46% held by the subject company) |
|
Joint Venture |
|
|
Subsidiary |
JEJU GREEN POWER CO., LTD.(220111-0132000) (52.8% held by the subject company) |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
|
|
Sales/ Unit : KRW |
06/2015 |
2014 |
2013 |
|
Export |
12,205,525,384 |
34,764,178,381 |
40,757,156,615 |
|
Domestic |
9,061,142,747 |
16,717,142,917 |
9,903,502,350 |
|
Total |
21,266,668,131 |
51,481,321,298 |
50,660,658,965 |
The Subject exports
to China, Germany, Indonesia, Iran, Japan, Philippines, Russia, Thailand and
Egypt.
No.
-------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.39 |
|
|
1 |
Rs.102.59 |
|
Euro |
1 |
Rs.74.90 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.