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MIRA
INFORM REPORT
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Report No. : |
494874 |
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Report Date : |
28.02.2018 |
IDENTIFICATION DETAILS
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Name : |
INTECO STEEL
CO., LTD. |
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Formerly Known As : |
INTECO S&P CO., LTD |
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Registered Office : |
17, Teheran-ro 86-gil, Gangnam-Gu, Seoul,
Korea, Rm. 401, Daeyeon Bldg. 06179 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
06.03.2002 |
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Com. Reg. No.: |
201-81-71771 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Wholesale of Basic Metals |
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No. of Employees : |
3 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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South Korea |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
After emerging from the 1950-53 war with North Korea, South Korea
emerged as one of the 20th century’s most remarkable economic success stories,
becoming a developed, globally connected, high-technology society within
decades. In the 1960s, GDP per capita was comparable with levels in the poorest
countries in the world. In 2004, South Korea joined the trillion-dollar club of
world economies.
Beginning in the 1960s under President PARK Chung-hee, the government
promoted the import of raw materials and technology, encouraged saving and
investment over consumption, kept wages low, and directed resources to
export-oriented industries that remain important to the economy to this day.
Growth surged under these policies, and frequently reached double-digits in the
1960s and 1970s. Growth gradually moderated in the 1990s as the economy
matured, but remained strong enough to propel South Korea into the ranks of the
advanced economies of the OECD by 1997. These policies also led to the
emergence of family-owned chaebol conglomerates such as Daewoo, Hyundai, and
Samsung, which retained their dominant positions even as the government
loosened its grip on the economy amid the political changes of the 1980s and
1990s.
The Asian financial crisis of 1997-98 hit South Korea’s companies hard
because of their excessive reliance on short-term borrowing, and GDP ultimately
plunged by 7% in 1998. South Korea tackled difficult economic reforms following
the crisis, including restructuring some chaebols, increasing labor market
flexibility, and opening up to more foreign investment and imports. These steps
lead to a relatively rapid economic recovery. South Korea also began expanding
its network of free trade agreements to help bolster exports, and has since
implemented 16 free trade agreements covering 58 countries—including the United
State and China—that collectively cover more than three-quarters of global GDP.
In 2017, the election of President MOON Jae-in brought a surge in
consumer confidence, in part, because of his successful efforts to increase
wages and government spending. These factors combined with an uptick in export
growth to drive real GDP growth to more than 3%, despite disruptions in South
Korea’s trade with China over the deployment of a US missile defense system in
South Korea.
In 2018 and beyond, South Korea will contend with gradually slowing
economic growth - in the 2-3% range - not uncommon for advanced economies. This
could be partially offset by efforts to address challenges arising from its
rapidly aging population, inflexible labor market, continued dominance of the
chaebols, and heavy reliance on exports rather than domestic consumption.
Socioeconomic problems also persist, and include rising inequality, poverty
among the elderly, high youth unemployment, long working hours, low worker
productivity, and corruption.
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Source
: CIA |
Basic Information
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Company Name |
INTECO STEEL
CO., LTD. (Ex. Company
Name : INTECO S&P CO., LTD.) (Korean Company
Name : “(주)인테코스틸”) |
|
Registered Address |
17, Teheran-ro 86-gil, Gangnam-gu, Seoul,
Korea |
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Building |
Rm. 401, Daeyeon Bldg. |
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Zip Code |
06179 |
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Tel |
+82-2-564-8836 |
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Fax |
+82-2-564-8861 |
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E-mail |
skyoon1968@hotmail.com;yjinteco@yahoo.co.kr;hysijk@nate.com |
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Website |
www.intecosteel.com |
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Trading Address |
Rm. 201, Daeyeon Bldg., 17, Teheran-ro
86-gil, Gangnam-gu, Seoul, Korea (Old Address System : Rm. 201, Daeyeon
Bldg., 943-30, Daechi 3-dong, Gangnam-gu, Seoul, Korea) |
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Tel |
+82-2-564-8836 |
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Fax |
+82-2-564-8861 |
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Other Address |
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|
Tel |
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|
Fax |
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Type |
Export |
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Industry |
Wholesale of Basic Metals |
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Main Business |
Steel, Tinplate Steel, Prepainted Steel, Aluminized Steel, Hot Rolled
Steel, Cold Rolled Steel, Galvanized Steel, Prepainted Metal, Tinplate, Tine
Free Steel, Pipes |
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Sub
Business |
Synthetic Resin Proceeding |
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Established (mm/dd/yyyy) |
03/06/2002 |
Detailed Products
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Steel plate(30102204) |
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Sell |
Pipe(40142100) |
CEO’s
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Name |
Jeong Yong-Joon |
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Date of Birth |
02/08/1963 |
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Title |
President & CEO |
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Nationality |
Korean |
Profiles
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Capital (KRW) |
500,000,000 |
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Employees |
3 |
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Formation |
Co., Ltd by Shares |
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Bank Details |
Industrial Bank of Korea-Trade Center
Branch Shinhan Bank |
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Corporate Registered No. |
110111-2462846 |
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Business Registered No. |
201-81-71771 |
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Permit & Licenses |
Int’l Trade No.: 45130092 |
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Shareholder Position |
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Company History |
03/06/2002 Incorporated as KOTASCO CO.,
LTD. 10/31/2003 Changed company name to INTECO STEEL CO., LTD. 10/31/2003 Moved to the present HQ address
from 169-2, Namchang-dong, Jung-gu, Seoul, Korea 12/04/2007 Increased the authorized shares to 100,000 shares from
40,000 shares 12/05/2007 Increased capital to 200,000,000 KRW from 50,000,000 KRW 10/08/2008 Changed company name to INTECO
S&P CO., LTD. 12/19/2008 Increased capital to 350,000,000
KRW from 200,000,000 KRW 12/29/2008 Increased the authorized shares
to 900,000 shares from 100,000 shares 12/30/2008 Increased capital to 500,000,000
KRW from 350,000,000 KRW 09/28/2009 Changed company name to the
present name 11/2010 Awarded US$ 20 Million Export top
Prize 11/2011 Awarded US$ 30 Million Export top
Prize |
Detailed Information
Management
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Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
President & CEO |
Jeong Yong-Joon |
Korean |
02/08/1963 |
06/07/2004 |
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Director |
Kim Hye-Ryeon |
Korean |
06/05/1963 |
06/20/2013 |
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Auditor |
Yoon Soo-Kyung |
Korean |
01/03/1968 |
03/12/2010 |
Financials
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Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
20,048,348,000 |
2,682,074,000 |
384,687,000 |
|
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2015 |
19,767,040,000 |
4,272,426,000 |
423,207,000 |
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2014 |
37,120,060,272 |
5,046,121,498 |
-164,064,522 |
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2013 |
48,597,811,371 |
9,079,318,382 |
10,517,627 |
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2012 |
32,255,828,000 |
3,718,026,000 |
732,620,000 |
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2011 |
41,750,432,000 |
3,091,389,000 |
-987,917,000 |
Financial Description
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Authorized Capital(KRW) |
4,500,000,000 |
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Paid-Up Capital(KRW) |
500,000,000 |
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Total Issued Shares |
100,000 |
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Balance Sheet |
|||
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Unit : Korean Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
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Total Assets |
2,682,074,000 |
4,272,427,000 |
5,046,121,498 |
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Current Assets |
2,254,241,000 |
3,734,749,000 |
4,777,443,766 |
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-Quick Assets |
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2,601,735,279 |
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-Inventories |
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2,175,708,487 |
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Fixed Assets |
427,833,000 |
537,678,000 |
268,677,732 |
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-Investment |
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105,000,000 |
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-Tangibles |
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25,160,742 |
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-Intangibles |
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-Others |
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138,516,990 |
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Total Liabilities |
1,247,490,000 |
3,022,529,000 |
4,069,430,887 |
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Current Liabilities |
1,247,490,000 |
3,020,442,000 |
4,064,179,721 |
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Fixed Liabilities |
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2,087,000 |
5,251,166 |
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Capital Stock |
500,000,000 |
500,000,000 |
500,000,000 |
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Capital Surplus |
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- |
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Profit Surplus |
934,584,000 |
749,898,000 |
476,690,611 |
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Capital Adjustment |
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- |
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Total Equity |
1,434,584,000 |
1,249,898,000 |
976,690,611 |
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Liab. & Shareholder’s Equity |
2,682,074,000 |
4,272,427,000 |
5,046,121,498 |
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Current Liabilities |
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4,064,179,721 |
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Trade Payables |
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2,969,110,499 |
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Account Payables |
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1,018,600 |
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Withholdings |
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8,651,840 |
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Advance Receipts |
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- |
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Short-Term Borrowings |
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1,085,398,782 |
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Fixed Liabilities |
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5,251,166 |
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Provision for Severance & Retirement |
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|
5,251,166 |
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Income Statement |
|||
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Unit : Korean Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
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Sales |
20,048,348,000 |
19,767,042,000 |
37,120,060,272 |
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Cost of Sold Goods |
16,478,537,000 |
16,527,169,000 |
33,054,073,209 |
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Gross Profit |
3,569,811,000 |
3,239,873,000 |
4,065,987,063 |
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Selling & Admin. Expenses |
3,060,312,000 |
2,801,560,000 |
4,307,332,223 |
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Operating Income |
509,499,000 |
438,313,000 |
-241,345,160 |
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Non-Operating Income |
269,810,000 |
332,465,000 |
485,224,437 |
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Non-Operating Expenses |
294,715,000 |
273,204,000 |
407,943,799 |
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Income Before Taxes |
484,594,000 |
497,574,000 |
-164,064,522 |
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Income Taxes Expenses |
99,907,000 |
74,367,000 |
- |
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Net Income |
384,687,000 |
423,207,000 |
-164,064,522 |
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Cash Flows |
|||
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Unit : Korean Won |
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As of 12/31/2014 |
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Cash Flows from Operating |
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|
-727,411,089 |
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-Net Income |
|
|
-164,064,522 |
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-Exp. without Cash Outflow |
|
|
17,429,203 |
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-Revenue without Cash Inflows |
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|
- |
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-Changes in Asset/ & Liability |
|
|
-580,775,770 |
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Cash Flows from Investing |
|
|
780,417,688 |
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-Cash Inflow from Investing |
|
|
898,893,341 |
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-Cash Outflows for Investing |
|
|
-118,475,653 |
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Cash Flows from Financing |
|
|
25,380,668 |
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-Cash Inflows from Financing |
|
|
145,398,782 |
|
-Cash Outflows from Financing |
|
|
-120,018,114 |
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Increase/Decrease in Cash |
|
|
78,387,267 |
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Cash at the Beginning of Year |
|
|
1,002,140,250 |
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Cash at the End of Year |
|
|
1,080,527,517 |
Products, Technologies, Services Description
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Main Products & Services |
Steel Tinplate Steel Prepainted Steel Aluminized Steel Synthetic Resin Proceeding |
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Detailed Products Spec. |
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Technologies Acquired |
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Trade Partners & Competitors
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Suppliers |
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Customers |
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Competitors |
HIHO METAL CO., LTD. 8TH FL., DONGNAM BLDG., 588-19, SINSA-DONG,
GANGNAM-GU, SEOUL, KOREA TEL:+82-2-514-6671 FAX:+82-2-514-6489 DAEHAN METALS CO., LTD. 1769-2, SONGJEONG-DONG, GANGSEO-GU, BUSAN,
KOREA TEL:+82-51-974-6002 FAX:+82-51-831-9008 BUSAN STEEL CO., LTD. 720-4, HAKJANG-DONG, SASANG-GU, BUSAN, KOREA TEL:+82-51-325-1131~4 FAX:+82-51-324-6440 |
Related Parties (Subsidiaries, Joint-Venture & Affiliates)
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Major Shareholders |
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Cooperative Enterprise |
-Insured Company KB INSURANCE CO., LTD.(110111-0017859) |
Sales by Region (Activity & Markets)
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Sales/ Unit :Mil KRW |
2016 |
2015 |
2014 |
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Export |
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Domestic |
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Total |
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The Subject exports
to China, Indonesia, Iran, Kazakhstan, Philippines and Singapore.
Court Action
Not Available.
News Clipping
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.85 |
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|
1 |
INR 90.58 |
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Euro |
1 |
INR 79.97 |
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KRW |
1 |
INR 0.060 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.