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MIRA INFORM REPORT
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Report No. : |
507825 |
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Report Date : |
05.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
NUNGWON METAL IND. CO., LTD. |
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Registered Office : |
366, Geurugogae-ro, Eunhyeon-myeon, Yangju-si,
Gyeonggi-do, Korea |
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Country : |
South Korea |
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|
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Financials (as on) : |
31.12.2017 |
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|
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Date of Incorporation : |
30.04.1996 |
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Com. Reg. No.: |
127-81-65699 |
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|
|
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Manufacture of Rolled, Drawn and Folded Products of Copper
Copper Tube, Level Wound Coil, Refrigeration And ACR Tubes, Inner Grooved
Tube, Variant Tube, Copper Billet, Plumbing Tube, Level Wound Coil, Pancake
Coil, Doughnut Coil, ACR |
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|
|
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No. of Employees : |
360 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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|
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Litigation : |
Exist |
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
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 |
|
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
Basic
|
Company Name |
NUNGWON METAL IND. CO., LTD. |
|
Registered Address |
366, Geurugogae-ro,
Eunhyeon-myeon, Yangju-si, Gyeonggi-do, Korea (Old Address System : 307, 314-1,
Doha-ri, Eunhyeon-myeon, Yangju-si, Gyeonggi-do, Korea) |
|
Building |
|
|
Zip Code |
11431 |
|
Tel |
+82-31-863-8791~3 +82-31-860-0700 |
|
Fax |
+82-31-863-8794 +82-31-863-8794 |
|
E-mail |
Info@jnmetal.co.kr |
|
Website |
www.nwmetal.co.kr;www.nwmmetal.com |
|
Trading Address |
29, Muhak-ro 25-gil,
Dongdaemun-gu, Seoul, Korea (Old
Address System : 252-152, Yongdu-dong, Dongdaemun-gu, Seoul, Korea) |
|
Tel |
+82-2-2254-2584 +82-2-3290-9051~3 |
|
Fax |
+82-2-2231-9055 +82-2-2234-8316 |
|
Other Address-Namyangju Branch |
790, Gyeongchun-ro,
Namyangju-si, Gyeonggi-do, Korea (Old
Address System : 92, Ilpae-dong, Namyangju-si, Gyeonggi-do, Korea) |
|
Tel |
|
|
Fax |
|
|
Other Address-Ansan Branch |
72, Beonnyeong 2-ro, Danwon-gu,
Ansan-si, Gyeonggi-do, Korea (Old Address System : 668-1,
Seonggok-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea) |
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Rolled, Drawn and Folded Products of Copper |
|
Main Business |
Copper Tube, Level Wound Coil, Refrigeration And ACR
Tubes, Inner Grooved Tube, Variant Tube, Copper Billet, Plumbing Tube, Level
Wound Coil, Pancake Coil, Doughnut Coil, ACR |
|
Sub Business |
|
|
Established (mm/dd/yyyy) |
04/30/1996 |
Detailed
Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Copper tubing(31231302) |
CEO’s
|
Name |
Lee Kwang-Won |
|
Date of Birth |
05/09/1949 |
|
Title |
Chairman & CEO |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
33,800,000,000 |
||||||||||||||||||
|
Employees |
360 |
||||||||||||||||||
|
Formation |
Co., Ltd by Shares |
||||||||||||||||||
|
Bank Details |
Korea Development Bank Industrial Bank of
Korea-Walkerhill Branch KEB Hana Bank |
||||||||||||||||||
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Corporate Registered No. |
111511-0021877 |
||||||||||||||||||
|
Business Registered No. |
127-81-65699 |
||||||||||||||||||
|
Permit & Licenses |
05/1997 ISO 9002 11/1998 QAS 06/1999 JIS 06/2001 NSF(USA) 12/2001 WARNOCK HERSEY(Canada) 07/2003 ISO 9001 Int’l Trade No.: 11182263 |
||||||||||||||||||
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Shareholder Position |
|
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|
Company History |
03/1986 Established as DONGKWANG
METAL CO.(sole Proprietorship) 01/1989 Changed company name to
SHINHAN METAL INDUSTRY CO. 04/30/1996 Incorporated as the
present name 11/1998 Awarded US$ 1 Million
Export Top Prize 04/12/2000 Acquired GEOSAN
METAL CO., LTD. 11/2000 Awarded US$ 10 Million
Export Top Prize 11/2004 Awarded US$ 30 Million
Export Top Prize 11/2006 Awarded US$ 70 Million
Export Top Prize 11/2010 Awarded US$ 100 Million
Export Top Prize 06/28/2016 Increased the
authorized shares to 10,000,000 shares from 2,200,000 shares 06/29/2016 Increased capital
33,800,000,000 KRW from 11,800,000,000 KRW 06/30/2016 Acquired JKW CO.,
LTD.(KOREA) |
Detailed
Information
Management
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
Chairman & CEO |
Lee Kwang-Won |
Korean |
05/09/1949 |
04/30/1999 |
|
President & CEO |
Lee Joo-Hyun |
Korean |
10/01/1975 |
01/25/2017 |
|
Director |
Lee Jang-Wook |
USA |
12/30/1978 |
12/15/2012 |
|
Auditor |
Yoon Hee-Jung |
Korean |
09/19/1949 |
04/30/1996 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2017 |
369,122,501,047 |
162,424,794,321 |
11,738,175,527 |
|
2016 |
290,943,912,100 |
157,682,745,977 |
17,242,367,651 |
|
2015 |
321,302,800,200 |
126,274,540,035 |
-28,269,947,162 |
|
2014 |
340,333,282,413 |
148,793,190,304 |
-2,676,306,916 |
|
2013 |
399,343,524,923 |
146,794,557,917 |
1,010,054,475 |
|
2012 |
468,375,944,575 |
153,830,583,914 |
-8,090,066,078 |
|
2011 |
510,224,917,467 |
167,302,501,462 |
2,025,997,220 |
|
2010 |
420,386,888,238 |
182,141,585,208 |
10,399,362,055 |
|
2009 |
304,515,551,973 |
156,391,412,538 |
13,924,767,658 |
|
2008 |
323,454,189,907 |
158,998,481,140 |
-37,409,606,652 |
|
2007 |
299,239,613,902 |
123,253,952,812 |
2,327,492,093 |
|
2006 |
236,870,357,172 |
109,275,993,523 |
6,967,887,513 |
Financial
Description
|
Authorized Capital(KRW) |
22,000,000,000 |
|
Paid-Up Capital(KRW) |
11,800,000,000 |
|
Total Issues Shares |
1,180,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Total Assets |
162,424,794,321 |
157,682,745,977 |
126,274,540,035 |
|
Current Assets |
83,826,105,174 |
79,018,084,997 |
72,538,771,862 |
|
-Quick Assets |
46,539,132,691 |
45,487,288,090 |
43,423,371,016 |
|
-Inventories |
37,286,972,483 |
33,530,796,907 |
29,115,400,846 |
|
Fixed Assets |
78,598,689,147 |
78,664,660,980 |
53,735,768,173 |
|
-Investment |
27,112,511,095 |
25,834,120,000 |
1,953,751,300 |
|
-Tangibles |
49,639,560,474 |
50,818,208,598 |
50,774,595,105 |
|
-Intangibles |
787,493,865 |
1,019,608,669 |
32,687,138 |
|
-Others |
1,059,123,713 |
992,723,713 |
974,734,630 |
|
Total Liabilities |
81,342,525,506 |
88,338,652,689 |
114,199,045,785 |
|
Current Liabilities |
78,676,196,252 |
85,212,283,277 |
109,845,321,639 |
|
Fixed Liabilities |
2,666,329,254 |
3,126,369,412 |
4,353,724,146 |
|
Capital Stock |
33,800,000,000 |
33,800,000,000 |
11,800,000,000 |
|
Capital Surplus |
18,301,725,637 |
18,301,725,637 |
186,856,317 |
|
Profit Surplus |
28,980,543,178 |
17,242,367,651 |
-20,277,330,904 |
|
Capital Adjustment |
- |
- |
20,365,968,837 |
|
Total Equity |
81,082,268,815 |
69,344,093,288 |
12,075,494,250 |
|
Liab. & Shareholder’s
Equity |
162,424,794,321 |
157,682,745,977 |
126,274,540,035 |
|
Current
Liabilities |
78,676,196,252 |
85,212,283,277 |
109,845,321,639 |
|
Trade Payables |
11,725,282,883 |
9,527,513,241 |
4,556,922,046 |
|
Short-Term Borrowings |
57,487,802,542 |
51,600,225,000 |
76,283,775,397 |
|
Short-Term Borrowings-Foreign Currency |
- |
10,787,011,722 |
22,360,580,265 |
|
Account Payables |
2,653,528,707 |
4,160,046,718 |
1,363,893,448 |
|
Deferred Income Tax Credit |
1,929,387,681 |
4,731,122,025 |
- |
|
Withholdings |
322,749,345 |
308,894,550 |
268,478,301 |
|
Advance Receipts |
105,498,825 |
82,431,358 |
304,949,926 |
|
Accrued Expenses |
2,382,852,386 |
2,431,687,454 |
2,469,399,981 |
|
Derivatives |
1,839,453,883 |
1,583,351,209 |
2,237,322,275 |
|
Current Portion of Long-Term Debts |
229,640,000 |
- |
|
|
Fixed
Liabilities |
2,666,329,254 |
3,126,369,412 |
4,353,724,146 |
|
Leasehold Deposit Received |
106,600,000 |
127,650,000 |
- |
|
Provision for Severance & Retirement |
1,901,004,461 |
1,925,125,835 |
1,744,284,588 |
|
Deferred Income Tax Credit |
658,724,793 |
1,073,593,577 |
2,609,439,558 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Sales |
369,122,501,047 |
290,943,912,100 |
321,302,800,200 |
|
Cost of Sold Goods |
344,356,803,988 |
269,208,601,597 |
309,599,514,280 |
|
Gross Profit |
24,765,697,059 |
21,735,310,503 |
11,703,285,920 |
|
Selling & Admin. Expenses |
9,433,837,094 |
9,063,205,927 |
10,299,796,514 |
|
Operating Income |
15,331,859,965 |
12,672,104,576 |
1,403,489,406 |
|
Non-Operating Income |
8,229,741,044 |
13,658,938,987 |
6,151,129,199 |
|
Non-Operating Expenses |
8,426,453,145 |
10,349,887,971 |
34,993,030,686 |
|
Income Before Taxes |
15,135,147,864 |
15,981,155,592 |
-27,438,412,081 |
|
Income Taxes Expenses |
3,396,972,337 |
-1,261,212,059 |
831,535,081 |
|
Net Income |
11,738,175,527 |
17,242,367,651 |
-28,269,947,162 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Cash Flows from Operating |
7,136,553,494 |
10,919,584,982 |
-13,404,996,784 |
|
-Net Income |
11,738,175,527 |
17,242,367,651 |
-28,269,947,162 |
|
-Exp. without Cash Outflow |
7,488,223,280 |
8,175,700,106 |
9,126,570,292 |
|
-Revenue without Cash Inflows |
-3,402,216,967 |
-7,574,895,271 |
-428,879,446 |
|
-Changes in Asset/ &
Liability |
-8,687,628,346 |
-6,923,587,504 |
6,167,259,532 |
|
Cash Flows from Investing |
-2,129,074,849 |
6,374,370,403 |
402,149,318 |
|
-Cash Inflow from Investing |
2,593,388,603 |
11,372,724,560 |
6,776,399,000 |
|
-Cash Outflows for Investing |
-4,722,463,452 |
-4,998,354,157 |
-6,374,249,682 |
|
Cash Flows from Financing |
-4,899,434,180 |
-14,881,979,347 |
12,591,279,969 |
|
-Cash Inflows from Financing |
5,887,577,542 |
21,888,164,000 |
18,883,775,397 |
|
-Cash Outflows from Financing |
-10,787,011,722 |
-36,770,143,347 |
-6,292,495,428 |
|
Increase/Decrease in Cash |
108,044,465 |
2,411,976,038 |
-411,567,497 |
|
Cash at the Beginning of Year |
4,744,450,745 |
2,324,180,860 |
2,728,300,947 |
|
Cash at the End of Year |
4,823,796,691 |
4,744,450,745 |
2,324,180,860 |
Products,
Technologies, Services Description
|
Main Products & Services |
Copper Tube, Level Wound Coil, Refrigeration And ACR Tubes,
Inner Grooved Tube, Variant Tube, Copper Billet, Plumbing Tube, Level Wound
Coil, Pancake Coil, Doughnut Coil, ACR Brand Name : MM Kembla |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
Trade
Partners & Competitors
|
Suppliers |
JUNGWOO METAL INDUSTRY CO.,
LTD.(111511-0009310) LS-NIKKO COPPER INC.(230111-0058436) DAERYUN E&S CO., LTD.(110111-1720633) |
|
Customers |
JUNGWOO METAL INDUSTRY CO.,
LTD.(111511-0009310) SMI CO., LTD.(KOREA) METAL MANUFACTURES LIMITED(AUSTRALIA) |
|
Competitors |
TAEWOO METAL CO., LTD. 5DA-201-11, SIHWA INDUSTRIAL
COMPLEX, 664-10, SEONGGOK-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-498-8145~8 FAX:+82-31-498-8149 SAMPO INDUSTRIAL CO., LTD. 2ND FL., SAMPO BLDG., 40-2,
OGEUM-DONG, SONGPA-GU, SEOUL, KOREA TEL:+82-2-573-5151 FAX:+82-2-571-5156 KUM WHAN INC. RA-1728, JUNGANG CIRCULATION
COMPLEX, 1258, GURO 2-DONG, GURO-GU, SEOUL, KOREA TEL:+82-2-2617-3073 FAX:+82-2-2684-3071 |
|
|
|
Related
Parties (Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
JUNGWOO METAL INDUSTRY CO.,
LTD.(111511-0009310) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
SMI CO., LTD.(164911-0004864) (100.0% held by the subject company) |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Brand Usage Agreement with CRANE ENFILED METALS PTY LIMITED(AUSTRALIA) |
Sales
by Region (Activity & Markets)
|
Sales/ Unit : KRW |
2014 |
2013 |
2012 |
|
Export |
- |
217,782,656,920 |
226,376,228,994 |
|
Domestic |
- |
179,877,781,037 |
240,150,390,706 |
|
Others |
- |
1,683,086,966 |
1,849,324,875 |
|
Total |
340,333,282,413 |
399,343,524,923 |
468,375,944,575 |
The
Subject deals with the companies in Australia, Taiwan, Thailand and USA.
Court
Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
|
|
The Subject Company |
- |
714,000,000 |
proceeding |
|
|
|
The Subject Company |
|
- |
185,000,000 |
proceeding |
News
Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.77 |
|
|
1 |
INR 90.58 |
|
Euro |
1 |
INR 79.97 |
|
KRW |
1 |
INR |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
KET |
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.