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MIRA INFORM REPORT
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Report No. : |
486994 |
|
Report Date : |
20.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
COUPANG CORP. |
|
|
|
|
Formerly Known As : |
FORWARD VENTURES CO., LTD. |
|
|
|
|
Registered Office : |
570,
Songpa-Daero, Songpa-Gu, Seoul, 18FL., Tower 730 Bldg., Korea 05510 |
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|
|
|
Country : |
South Korea |
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|
|
|
Financials (as on) : |
31.12.2016 |
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|
|
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Date of Incorporation : |
15.02.2013 |
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|
|
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Com. Reg. No.: |
120-88-00767 |
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|
|
|
Legal Form : |
Co., Ltd by Shares |
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|
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Line of Business : |
· System Software Development and Supply · Software Development Services, E-Commerce, Advertisement Services, Coupon Sales and Brokerage Services of Performance and Restaurant |
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|
|
|
No. of Employees : |
6,174 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but Correct |
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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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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.
|
Source
: CIA |
Basic
Information
|
Company Name |
COUPANG CORP. (Ex. Company Name : FORWARD VENTURES CO.,
LTD.) |
|
Registered Address |
570,
Songpa-daero, Songpa-gu, Seoul, Korea |
|
Building |
18FL., Tower 730 Bldg. |
|
Zip Code |
05510 |
|
Tel |
+82-2-3441-7172 |
|
Fax |
+82-2-3441-7011 |
|
E-mail |
help@coupang.com |
|
Website |
www.coupang.com |
|
Trading Address |
18FL., Tower
730 Bldg., 570, Songpa-daero, Songpa-gu, Seoul, Korea (Old Address
System : 18FL., Tower 730 Bldg., 7-30, Sincheon-dong, Songpa-gu, Seoul, Korea) |
|
Tel |
+82-2-1577-7011 |
|
Fax |
+82-2-3441-7011 |
|
Type |
Export/Import |
|
Industry |
System Software Development and Supply |
|
Main Business |
Software Development Services, E-Commerce, Advertisement Services,
Coupon Sales and Brokerage Services of Performance and Restaurant |
|
Sub
Business |
-- |
|
Established (mm/dd/yyyy) |
02/15/2013 |
Detailed
Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Development software(43232400) |
|
Sell |
Application service providers(81112106) |
|
Sell |
Software or hardware engineering(81111500) |
|
Sell |
Software(43230000) |
CEO’s
|
Name |
Kim Bom-Suk |
|
Date of Birth |
10/07/1978 |
|
Title |
President & CEO |
|
Nationality |
USA |
Profiles
|
Capital (KRW) |
9,915,750,000 |
|||||||||
|
Employees |
6,174 |
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|
Formation |
Co., Ltd by Shares Foreign Direct Investment Corporation |
|||||||||
|
Bank Details |
Woori Bank NH Nonghyup Bank Kookmin Bank Korea Development Bank Shinhan Bank |
|||||||||
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Corporate Registered No. |
110111-5067718 |
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Business Registered No. |
120-88-00767 |
|||||||||
|
Permit & Licenses |
N/A |
|||||||||
|
Shareholder Position |
(*)The list is as of 12/31/2016. |
|||||||||
|
Company History |
02/15/2013 Incorporated as FORWARD VENTURES
CO., LTD.) 07/16/2013 Moved to the present HQ address
from 7FL., Dohwa Bldg., 146, Teheran-ro, Gangnam-gu, Seoul 135-924 Korea 07/01/2014 Increased capital to
8,414,500,000 KRW from 6,414,500,000 KRW 03/27/2017 Changed company name to the
present name 03/27/2017
Moved to the present HQ address from 17FL., Kyungam Bldg., 501, Teheran-ro,
Gangnam-gu, Seoul, Korea (Old Address System : 17FL., Kyungam Bldg., 157-27,
Samseong 1-dong, Gangnam-gu, Seoul, Korea) 12/28/2017 Increased capital to
10,002,000,000 KRW from 9,926,650,000 KRW (*)FORWARD VENTURES LLC: 110181-0049730) 05/28/2010 Incorporated based on the Law of
Delaware, USA 06/15/2010 Established Sales Office (FORWARD VENTURES
LLC: 110181-0049730) in Korea at 435, Teheran-ro, Gangnam-gu,
Seoul, Korea 08/16/2011
Moved to the Sales Office address(7FL., Dohwa Bldg., 146, Teheran-ro,
Gangnam-gu, Seoul 135-924 Korea (Old
Address System : 7FL., Dohwa Bldg., 736-6, Yeoksam 1-dong, Gangnam-gu, Seoul 135-924 Korea)) from 130-29, Nonhyeon-dong, Gangnam-gu,
Seoul, Korea 12/30/2013
Sales Office(FORWARD VENTURES LLC: 110181-0049730) in Korea
has been closed. |
Management
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
President & CEO |
Kim Bom-Suk |
USA |
10/07/1978 |
03/31/2016 |
|
Director |
Richard Kyong Chan Song |
USA |
07/28/1969 |
03/31/2016 |
|
Director |
Ryu Vincent Yang |
USA |
10/09/1979 |
09/25/2017 |
|
Auditor |
Kang Hyun-Oh |
Korean |
10/26/1978 |
09/25/2017 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2016 |
1,915,941,000,000 |
1,020,261,000,000 |
-561,729,000,000 |
|
2015 |
1,133,752,319,000 |
1,067,238,775,000 |
-526,093,141,000 |
|
2014 |
348,497,429,000 |
342,840,797,000 |
-119,436,287,000 |
|
2013 |
47,799,834,000 |
104,972,444,000 |
-1,264,015,000 |
Financial
Description
|
Authorized Capital(KRW) |
100,000,000,000 |
|
Paid-Up Capital(KRW) |
9,915,750,000 |
|
Total Issued Shares |
198,315 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
|
Total
Assets |
1,020,261,000,000 |
1,067,238,775,000 |
342,840,797,000 |
|
Current Assets |
638,397,000,000 |
867,653,796,000 |
256,468,149,000 |
|
Cash
& Cash Equivalents |
363,203,000,000 |
656,568,281,000 |
190,640,156,000 |
|
Short-Term
Financial Instruments |
67,598,000,000 |
54,900,000,000 |
6,200,000,000 |
|
Trade
Receivables |
19,586,000,000 |
22,675,050,000 |
16,873,625,000 |
|
Inventories |
147,773,000,000 |
104,623,137,000 |
30,289,743,000 |
|
Deferred
Income Tax Assets |
318,000,000 |
- |
- |
|
Current
Financial Instruments |
20,635,000,000 |
8,518,601,000 |
4,292,661,000 |
|
Other
Current Assets |
19,284,000,000 |
20,368,727,000 |
8,171,964,000 |
|
Non-Current Assets |
381,864,000,000 |
199,584,979,000 |
86,372,648,000 |
|
Long-Term
Financial Instruments |
1,500,000,000 |
- |
- |
|
Investment_Subsidiaries |
20,000,000 |
- |
- |
|
Tangibles |
360,341,000,000 |
166,477,492,000 |
59,051,762,000 |
|
Intangibles |
7,525,000,000 |
8,230,200,000 |
7,949,354,000 |
|
Non-Current
Financial Instruments |
11,734,000,000 |
23,331,130,000 |
16,297,646,000 |
|
Other
Non-Current Assets |
744,000,000 |
1,546,157,000 |
3,073,886,000 |
|
Total Liabilities |
702,072,000,000 |
642,815,203,000 |
319,136,634,000 |
|
Current Liabilities |
618,485,000,000 |
554,456,045,000 |
276,830,389,000 |
|
Trade
Payables |
247,903,000,000 |
197,092,096,000 |
33,912,915,000 |
|
Account
Payables |
312,660,000,000 |
317,981,789,000 |
227,511,750,000 |
|
Accrued
Expenses |
24,366,000,000 |
21,259,049,000 |
10,005,327,000 |
|
Current
Portion of Long-Term Debts |
13,851,000,000 |
8,164,823,000 |
- |
|
Current
Portion of Finance Lease Debts |
11,564,000,000 |
5,175,171,000 |
2,842,904,000 |
|
Other
Current Financial Debts |
29,000,000 |
- |
- |
|
Other
Current Liabilities |
3,340,000,000 |
2,577,565,000 |
1,128,906,000 |
|
Current
Portion of Provisions |
4,772,000,000 |
2,205,552,000 |
1,428,587,000 |
|
Non-Current Liabilities |
83,587,000,000 |
88,359,158,000 |
42,306,245,000 |
|
Long-Term
Account Payables |
399,000,000 |
- |
- |
|
Long-Term
Borrowings |
41,987,000,000 |
49,478,453,000 |
18,200,000,000 |
|
Other
Non-Current Financial Debts |
4,166,000,000 |
13,346,157,000 |
10,066,681,000 |
|
Confirmed
Salaries |
35,972,000,000 |
23,101,213,000 |
12,086,594,000 |
|
Non-Current
Portion of Provisions |
1,063,000,000 |
2,433,335,000 |
1,952,970,000 |
|
Capital Stock |
9,916,000,000 |
9,465,750,000 |
8,544,500,000 |
|
Capital
Surplus |
1,574,438,000,000 |
1,124,894,304,000 |
204,578,899,000 |
|
Installments |
1,310,000,000 |
-298,594,000 |
-1,116,929,000 |
|
Others |
-58,953,000,000 |
-62,844,445,000 |
-67,602,005,000 |
|
Profit
Surplus |
-1,208,522,000,000 |
-646,793,443,000 |
-120,700,302,000 |
|
Total
Equity |
318,189,000,000 |
424,423,572,000 |
23,704,163,000 |
|
Liab.
& Shareholder’s Equity |
1,020,261,000,000 |
1,067,238,775,000 |
342,840,797,000 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
|
Sales |
1,915,941,000,000 |
1,133,752,319,000 |
348,497,429,000 |
|
Cost
of Sold Goods |
1,526,328,000,000 |
989,082,972,000 |
189,221,317,000 |
|
Gross
Profit |
389,613,000,000 |
144,669,347,000 |
159,276,112,000 |
|
Selling
& Admin. Expenses |
954,816,000,000 |
691,682,255,000 |
280,824,132,000 |
|
Operating
Income |
-565,203,000,000 |
-547,012,908,000 |
-121,548,020,000 |
|
Other
Income |
180,000,000 |
1,081,315,000 |
71,694,000 |
|
Other
Expenses |
958,000,000 |
343,685,000 |
80,963,000 |
|
Finance
Income |
18,129,000,000 |
20,406,714,000 |
2,773,369,000 |
|
Finance
Expenses |
13,877,000,000 |
224,577,000 |
652,367,000 |
|
Income
Before Taxes |
-561,729,000,000 |
-526,093,141,000 |
-119,436,287,000 |
|
Income
Taxes Expenses |
0 |
0 |
0 |
|
Net
Income |
-561,729,000,000 |
-526,093,141,000 |
-119,436,287,000 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
|
Cash Flows from Operating |
-486,316,000,000 |
-330,288,254,000 |
28,272,233,000 |
|
-Net Income |
-485,995,000,000 |
-331,853,151,000 |
27,872,871,000 |
|
-Exp. without Cash Outflow |
2,066,000,000 |
1,896,999,000 |
1,246,783,000 |
|
-Revenue without Cash Inflows |
-2,342,000,000 |
-58,971,000 |
0 |
|
-Changes in Asset/ & Liability |
-45,000,000 |
-273,131,000 |
-847,421,000 |
|
Cash Flows from Investing |
-252,710,000,000 |
-167,624,781,000 |
-39,411,972,000 |
|
-Cash Inflow from Investing |
7,045,000,000 |
3,252,404,000 |
20,880,406,000 |
|
-Cash Outflows for Investing |
-259,755,000,000 |
-170,877,185,000 |
-60,292,378,000 |
|
Cash Flows from Financing |
443,626,000,000 |
957,494,922,000 |
166,826,250,000 |
|
-Cash Inflows from Financing |
456,354,000,000 |
960,965,095,000 |
168,169,328,000 |
|
-Cash Outflows from Financing |
-12,728,000,000 |
-3,470,173,000 |
-1,343,078,000 |
|
Increase/Decrease in Cash |
-295,400,000,000 |
459,581,887,000 |
155,686,511,000 |
|
Cash at the Beginning of Year |
656,568,000,000 |
190,640,156,000 |
34,148,440,000 |
|
Cash at the End of Year |
363,203,000,000 |
656,568,281,000 |
190,640,156,000 |
Products, Technologies, Services
Description
|
Main Products & Services |
Software Development Services, E-Commerce, Advertisement Services Brand Name : coupang |
Trade Partners & Competitors
|
Suppliers |
-- |
|
Customers |
-- |
|
Competitors |
KAKAO CORPORATION 6TH FL., N-DONG, H SQUARE, 681,
SAMPYEONG-DONG, BUNDANG-GU, SEONGNAM-SI, GYEONGGI-DO, KOREA TEL:+82-70-7492-1300 FAX:+82-31-737-7460 GRETECH CORPORATION MIRAE ASSET LIFE INSURANCE BLDG., 997-4,
DAECHI 2-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-2193-5700 FAX:+82-2-553-5701 PINEONE COMMUNICATIONS CO., LTD. 4TH FL., DAEYONG BLDG., 216-18, NONHYEON
2-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-569-1994~6 FAX:+82-2-569-1903 |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
COUPANG GLOBAL LLC COUPANG USA, INC COUPANG ASIA HOLDINGS PTE., LTD. FORWARD VENTURES SHANGHAI CO., LTD. |
|
Subsidiary |
COUPANG FULFILLMENT SERVICES LTD.(110114-0193520) (100.0% held by the subject company) |
|
Corporate Ownership |
COUPANG, LLC(Ex. FORWARD
VENTURES LLC(USA)) |
|
Major Shareholders |
COUPANG, LLC(Ex. FORWARD
VENTURES LLC(USA)) |
Sales by Region (Activity & Markets)
Not Available.
Court
Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (Million
KRW) |
Status |
|
|
|
|
The Subject
Company (1 case) |
|
25 |
Proceeding |
News
Clipping
-----------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.72 |
|
|
1 |
INR 88.64 |
|
Euro |
1 |
INR 78.14 |
|
KRW |
1 |
INR 0.060 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
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 |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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.