MIRA
INFORM REPORT
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Report Date : |
23rd
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
TS
CORPORATION |
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Registered Office : |
6-14, Bukseongdong 1-ga, Jung-gu, Incheon, Korea |
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Country : |
Korea |
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Financials (as on) : |
30.09.2006 |
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Date of Incorporation : |
06.07.1956 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Prepared Animal Feeds |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Basic Information
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Company Name |
TS Corporation |
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Address |
6-14,
Bukseongdong 1-ga, Jung-gu, INCHEON, KOREA |
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Building |
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Zip Code |
400-201 |
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Tel |
+82-32-770-1400 |
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Fax |
+82-32-770-1601 |
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E-mail |
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Website |
www.ts.co.kr |
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Seoul Office |
7-23,
Sincheon-dong, Songpa-gu, SEOUL, KOREA |
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Tel |
+82-2-410-6000 |
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Fax |
+82-2-410-6028 |
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Business Office |
1229, U 2-dong, Haeundae-gu, BUSAN, KOREA |
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Tel |
+82-51-746-1480 |
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Fax |
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Yangju Business Office |
18-3, Ugo-ri, Gwangjeok-myeon, Yangju-si,
GYEONGGI-DO, KOREA |
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Tel |
+82-31-837-1300 |
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Fax |
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Hongseong Business Office |
283-3, Sangha-ri, Hongbuk-myeon, Hongseong-gun,
CHUNGCHEONGNAM-DO, KOREA |
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Tel |
+82-41-634-8507 |
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Fax |
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Daegu Business Office |
42-5, Ihyeon-dong, Seo-gu, DAEGU, KOREA |
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Tel |
+82-53-555-2493 |
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Fax |
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Gangwon Business Office |
503-1, Dangye-dong, Wonju-si, GANGWON-DO, KOREA |
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Tel |
+82-33-731-8058 |
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Fax |
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Jinju Business Office |
62-3, Cheongok-ri, Jinseong-myeon, Jinju-si,
GYEONGSANGNAM-DO, KOREA |
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Tel |
+82-55-752-0381 |
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Fax |
+82-55-752-0382 |
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Oksan Factory |
359-1, Osan-ri, Oksan-myeon, Cheongwon-gun,
CHUNGCHEONGBUK-DO, KOREA |
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Tel |
+82-43-269-4368 |
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Fax |
+82-43-269-3166 |
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Ulsan Factory |
480, Yongjam-dong, Nam-gu, ULSAN, KOREA |
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Tel |
+82-52-257-4085 |
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Fax |
+82-52-257-4090 |
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Type |
Export/Import |
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Industry |
Manufacture of Sugar |
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Main Business |
Sugar, Feed, Food Additives, Food Stuffs |
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Sub Business |
Manufacture of Prepared Animal Feeds |
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Established |
07/06/1956 |
Detailed Products
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Natural sugars or sweetening products(50161509) |
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Sell |
Dipping sauces or condiments or spreads or
marinades(50171830) |
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Sell |
Edible vegetable and plant oils and
fats(50151500) |
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Sell |
Poultry food(10121604) |
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Sell |
Livestock feed(10121500) |
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Sell |
Wine(50202203) |
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Buy |
Feed corn(10121503) |
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Buy |
Organic fertilizers and plant nutrients(10171500) |
Others
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Name |
Paik Kyung-Mok |
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Address |
- |
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Date of Birth |
08/19/1950 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
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Capital |
17,200,000,000 KRW |
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Employees |
647 |
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Formation |
Listed Company (KSE : 001790), A company of TS
Corporation Business Group |
Management
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Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Day |
|
Chairman & CEO |
Mr. |
Sul Won-Bong |
Korean |
48.08.22 |
- |
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Vice Chairman &
CEO |
Mr. |
Han Dong-Hyuck |
Korean |
45.04.29 |
Yonsei University |
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Vice Chairman |
Mr. |
Lee Eun-Koo |
Korean |
49.01.24 |
Seoul National
University |
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Director |
Mr. |
Lee Chae-Soo |
Korean |
49.04.14 |
Seoul National
University |
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President & CEO |
Mr. |
Paik Kyung-Mok |
Korean |
50.08.19 |
Yonsei University |
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Vice President |
Mr. |
Lee Chu-Hun |
Korean |
51.12.23 |
Yonsei University |
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Vice President |
Mr. |
Lee Myung-Sik |
Korean |
53.11. 9 |
Yonsei University |
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Vice President |
Mr. |
Sul Yoon-Ho |
Korean |
75.02.22 |
CLAREMONT University |
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Executive Director |
Mr. |
Ko Duck-Hee |
Korean |
54.12.31 |
Kunkook University |
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Outside Director |
Mr. |
Kim Myung-Hoi |
Korean |
23.04.08 |
University of
NewYork |
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Outside Director |
Mr. |
Park Kun-Joon |
Korean |
39.12.21 |
Seoul National
University |
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Outside Director |
Mr. |
Park Dong-Hyuck |
Korean |
42.10.12 |
Yonsei University |
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Outside Director |
Mr. |
Kim Jin-Kyung |
Korean |
47.05.26 |
Sungkyunkwan
University |
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Auditor |
Mr. |
Park Hyun-Kon |
Korean |
47.09.15 |
Yonsei University |
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Auditor |
Mr. |
Shin Dong-Hwa |
Korean |
44.03.14 |
Yonsei University |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
2005 |
847,895,804,924 |
522,509,085,613 |
14,153,462,161 |
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2004 |
803,433,566,973 |
511,530,013,450 |
13,973,350,400 |
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2003 |
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2002 |
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Financial Description
Unit: KRW
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Authorized
Capital |
30,000,000,000 |
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Paid-Up
Capital |
17,200,000,000 |
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Total Issues Shares |
3,440,000 |
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Balance
Sheet Unit :
Korean Won |
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As of 09/30/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Total Assets |
573,639,235,231 |
522,509,085,613 |
511,530,013,450 |
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Current Assets |
319,093,574,962 |
270,181,767,491 |
258,451,778,928 |
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-Quick
Assets |
214,483,081,018 |
184,186,095,153 |
181,199,180,678 |
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-Inventories |
104,610,493,944 |
85,995,672,338 |
77,252,598,250 |
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Fixed
Assets |
254,545,660,269 |
252,327,318,122 |
253,078,234,522 |
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-Investment |
92,469,460,395 |
87,907,631,106 |
84,590,392,220 |
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-Tangibles |
160,579,143,975 |
163,102,823,473 |
167,809,085,414 |
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-Intangibles |
1,497,055,899 |
1,316,863,543 |
678,756,888 |
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Total Liabilities |
341,377,481,102 |
303,268,025,673 |
303,571,380,826 |
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Current Liabilities |
204,534,063,200 |
203,698,916,914 |
211,430,200,677 |
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Fixed Liabilities |
136,843,417,902 |
99,569,108,759 |
92,141,180,149 |
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Capital Stock |
17,200,000,000 |
17,200,000,000 |
17,200,000,000 |
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Capital Surplus |
107,871,081,964 |
105,153,730,541 |
105,153,730,541 |
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Profit Surplus |
96,795,394,230 |
88,058,087,648 |
76,795,442,610 |
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Capital Adjustment |
10,395,277,935 |
8,829,241,751 |
8,809,459,473 |
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Total Equity |
232,261,754,129 |
219,241,059,940 |
207,958,632,624 |
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Liab. & Shareholder’s Equity |
573,639,235,231 |
522,509,085,613 |
511,530,013,450 |
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Income Statement Unit : Korean Won |
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As of 09/30/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Sales |
699,198,483,498 |
847,895,804,924 |
803,433,566,973 |
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Cost of Sold Goods |
619,746,321,306 |
734,377,845,537 |
685,515,039,675 |
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Gross Profit |
79,452,162,192 |
113,517,959,387 |
117,918,527,298 |
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Selling
& Admin. Expenses |
63,068,576,761 |
85,912,871,784 |
92,497,579,974 |
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Operating Income |
16,383,585,431 |
27,605,087,603 |
25,420,947,324 |
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Non-Operating Income |
17,256,519,851 |
14,328,408,755 |
21,718,216,469 |
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Non-Operating expenses |
17,860,608,398 |
22,873,804,324 |
26,343,595,649 |
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Ordinary Income |
15,779,496,884 |
19,059,692,034 |
20,795,568,144 |
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Special Income |
- |
- |
- |
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Income Before Taxes |
15,779,496,884 |
19,059,692,034 |
20,795,568,144 |
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Income Taxes Expenses |
4,581,027,952 |
4,906,229,873 |
6,822,217,744 |
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Net Income |
11,198,468,932 |
14,153,462,161 |
13,973,350,400 |
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Bank Details |
Kookmin Bank |
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Corporate Registered
No. |
120111-0018368 |
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Business Registered
No. |
121-81-07309 |
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Permit &
Licenses |
08/1999 ISO 9001 Acquired HACCP in all factories |
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Shareholder
Position |
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Company History |
Sep. 2003 Received the Order of Industrial Service
Merit (Gold Tower) from Korean Government Jan. 2002 ERP activated for Innovative Management
and Global Standardization Sep. 2000 Unveiled company vision ‘Beyond Happiness’ Aug. 1999 ISO 9001 certification granted May-98 Received the Industrial Service Award from
Inchon Metropolitan City for peaceful labor management and practice Nov. 1998 Received the Order of Industrial Service
Merit (Stone Tower) from Korean government Oct. 1997 Established Beijing Popeye’s Food Ltd. Dec. 1996 Received the Industrial Service Award from
Korean government Oct. 1996 Completed livestock feed plant in Tian
Jin, China Feb. 1995 Established Tian Jin Rainbow Feed Corp. in
China. Mar. 1995 Received the Order of Industrial Service
Merit (Silver Tower) for its faithful tax payment Apr. 1995 Changed company name to TS Corporation Apr. 1994 Established the branch office in Tokyo Mar. 1992 Established Taihan Sugar Ltd. In Hong kong Feb. 1991 Established the branch office in New York Feb. 1991 Completed sugar premix plant in Oksan Oct. 1991 Constructed new head office building in
Chamsil, Seoul Apr. 1989 Completed specialized feed plant in
Kwangju Dec. 1989 Completed chemical plant in Ulsan Jul. 1988 Completed livestock feed plant in Ulsan Feb. 1986 Established Research and Development
Center Dec. 1981 Awarded the Order of Industrial Merit
Trophy for achieving annual export sales of US $100Millions Dec. 1981 Received the Order of Industrial Service
Merit (Bronze Tower) from Korean Government Dec. 1980 Received the Order of Industrial Award from
Korean Government Aug. 1979 Completed sugar refinery in Inchon May. 1979 Completed livestock feed plant in Inchon Aug. 1969 Changed the company name to Taihan Sugar
Industrial Co., Ltd. Jul. 1956 Established Daedong Sugar Co., Ltd. with
capitals of 2.5 Million won |
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Products, Technologies, Services
Description
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Main
Products & Services |
The subject imports Cocoa and other raw materials
from Thailand, South Africa, Guatemala and Australia. And sells Sugar, Food Products and Animal Feed. |
Organization Structure
|
Competitors |
The subject accounts for 19.0%(Sugar) and
4.4%(Animal Feed) in domestic market. |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
14 companies including the below companies; TS Development Co., Ltd TS Wooin Co., Ltd TS Dairy Co., Ltd TS Credit & Investment Corp. TS Haimarrow Co., Ltd SamSung Mutual Saving & Bank Co., Ltd Barunter Corp. Gong Ju Development Co., Ltd IC-GEN Corp. Tianjin Rainbow Feed Co., Ltd |
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Overseas Office |
LA Office 970W 190th St. Suite 490 Torrance CA 90502, USA Tel : 1-310-329-6468 Fax : 1-310-329-0614 TOKYO Office 7th Floor, Uchikanda TK Bldg, 5-13 Uchikanda 1-Chome, Chiyoda-Ku, Tokyo, Japan Tel : 81-3-5217-3434 Fax : 81-3-3233-1120 Hong Kong Office 1104 & 5, Tesbury Centre 24-32 Queen's Road East Wanchai, Hong Kong Tel : 852-2865-4266 Fax : 852-2865-3766 |
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Cooperative Enterprise |
BOCM
Pauls-UK |
Sales by
Region (Activity &
Markets)
|
Sales/ Unit : Thousand KRW |
2005 |
2004 |
2003 |
|
Export |
136,911,039 |
124,524,269 |
115,363,741 |
|
Domestic |
710,984,766 |
678,909,298 |
610,367,708 |
|
Total |
847,895,805 |
803,433,567 |
725,731,449 |
Court
Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/
Applicant(s) |
Defendant(s)/ Debtor(s)/
Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
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The
subject company (Total
4 Cases) |
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|
145,742,000 |
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The
subject company (Total
5 cases) |
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2,336,357,000 |
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News
Clipping
Korean
Stocks Cheap by Global Comparison
KOREA
TIMES: 04-21-2004
By Cho
Hyung-kwon /Staff Reporter
The
Korean stock market has climbed to its highest level in two years, but
companies listed on the Korea Stock Exchange (KSE) still remained undervalued
compared to stocks in other global markets, the main exchange said on
Wednesday.
The
benchmark stock index has advanced more than 13 percent this year but the price
earnings ratio of the Korean stock market was well below that of other equity
markets in the world, the KSE said in a report.
Price
earnings ratio, or PER, is a common measure of how expensive a stock is. It is
calculated by dividing the stock's market value by its earnings.
Low PER
means that the stock is undervalued relative to its earnings.
The PER
of the 576 listed companies on the KSE stood at 14.2 so far in 2004, much lower
than the 20.2 of the U.S., 17.1 of the U.K., 17.8 of Hong Kong and 80.8 of
Japan.
``The
PER of Korean companies was virtually unchanged from a year ago, up from 13.6,
as the earnings also rose together with the market value. Korean stocks are
very much undervalued compared to equities in other countries,'' the KSE said
in the report.
Ssangyong
Motors, BNG Steel, Nexen and Hanchang had PERs of less than 2 while Sunny Electronics
had the lowest PER of 0.5.
In
addition the price to book ratio (PBR) of the listed firms was unchanged form a
year ago at 1.3, but 80 percent of the companies had ratios of less that 1,
meaning that their shares prices were less than the book value.
PBR is
calculated by dividing the company's stock price by its book value and a lower
ratio usually means that the stock is undervalued.
Companies
with low PBRs included Taekwang Industry, Hankook Cosmetics, TS Corporation and
KCTC.
The KSE
noted that the dividend yield ratio of Korean stocks rose 0.3 percentage point
to 2.01 as cash dividends rose 1.2 trillion won. But the ratio was also lower
than that of global peers as Hong Kong's dividend yield ratio stood at 3.31
percent and the U.K. at 3.14 percent.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|