MIRA
INFORM REPORT
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Report Date : |
19.06.2007 |
IDENTIFICATION DETAILS
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Name : |
TAEYEON MACHINERY CO., LTD. |
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Registered Office : |
706-8, Cheonggang-ri, Gijang-eup, Gijang-gun, Busan - 619-906 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
05/28/1996 |
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Legal Form : |
Company Limited by shares |
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Line of Business : |
Manufacture of Metal Cutting Machines |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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
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Company
Name |
TAEYEON MACHINERY CO., LTD. |
|
Registered Address / Factory |
706-8, Cheonggang-ri, Gijang-eup,
Gijang-gun, |
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Zip Code |
619-906 |
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Tel |
+82-51-722-1804 |
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Fax |
+82-51-724-2025 |
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E-mail |
world@taeyeon.co.kr;
sales@taeyeon.co.kr |
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Website |
www.taeyeon.co.kr |
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Trading Address |
706-8, Cheonggang-ri, Gijang-eup,
Gijang-gun, |
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Tel |
+82-51-722-1804 |
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Fax |
+82-51-724-2025 |
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Daegu Branch |
1576, Sangin-dong, Dalseo-gu, |
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Tel |
+82-53-641-8297 |
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Changwon Branch |
233-1, Seosang-dong, Changwon-si, |
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Tel |
+82-55-293-7173 |
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Gyeonggi Branch |
288-6, Jungdae-dong, Gwangju-si, |
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Tel |
+82-31-702-6475 |
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Daejeon Branch |
388-1, Wonnae-dong, Yuseong-gu, |
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Tel |
+82-42-544-4202 |
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Incheon Branch |
509-16, Bupyeong-dong, Bupyeong-gu, |
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Tel |
+82-32-502-4547 |
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Gwangju Branch |
510-8, 'Wolgok 1-dong, Gwangsan-gu, |
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Tel |
+82-62-951-0532 |
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Onyang Branch |
558-5, Samgwang-ri, Onyang-eup, Ulju-gun, |
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Incheon Namdong Branch |
442-34, Nonhyeon-dong, Namdong-gu, |
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Type |
Export |
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Industry |
Manufacture of Metal Cutting Machines |
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Established (mm/dd/yyyy) |
05/28/1996 |
The Subject Company
owns the premises of registered HQ address/Factory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
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Sell |
Tube bending machinery(23171703) |
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Sell |
Metal bending and forming
machinery(23171700) |
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Sell |
Cutting machines(23101508) |
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Sell |
Machine tools(23171600) |
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Sell |
Bar or rod cutters(23171602) |
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Buy |
Knife blades(27111501) |
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Buy |
Ball bearings(31171504) |
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Buy |
Iron plate(30102203) |
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Buy |
Power supply transformers(39121002) |
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Buy |
Bare printed circuit boards(32131010) |
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Buy |
Transistors(32111600) |
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Buy |
Steel(11101704) |
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Buy |
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Buy |
Power cable for direct burial(26121615) |
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Buy |
Aluminum(11101705) |
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Buy |
Capacitors(32121500) |
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Buy |
Lamps(39101600) |
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Buy |
Bolts(31161600) |
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Buy |
Bar(30101600) |
CEO’s
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Name |
Kim Kwang-Ho |
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Address |
567, Nae-ri, Gijang-eup, Gijang-gun, |
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Date of Birth |
01/04/1951 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital |
700,000,000 KRW |
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Employees |
130 |
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Formation |
Co., Ltd by shares |
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Bank Details |
Korea Exchange Bank-Yeonsandong Branch Kookmin Bank Nong Hyup Bank Industrial Bank of Busan Bank |
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Corporate Registered No. |
180111-0206127 |
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Business Registered No. |
621-81-22697 |
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Permit & Licenses |
11/1998 ISO 9001 03/23/2007 CE(Rebar Cutter) |
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Shareholder Position |
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Company History |
05/28/1996 Established 08/1998 Designated as a Venture Business 03/1999 Designated as a Promising Export
SME 03/2003 Awarded the prize from the
Commissioner of National Tax Office 12/23/2003 Increased the authorized shares
number to 500,000 shares from 80,000 shares |
The Subject
manufactures the Automatic rebar cutting & bending line, rebar cutter and rebar
bender, and exports to
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
|
President & CEO |
Mr. |
Kim Kwang-Ho |
Male |
Korean |
06/14/1999 |
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Director |
M/S. |
Ma Ok-Keum |
Female |
Korean |
09/02/1998 |
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Director |
M/S. |
Kim Tae-Soon |
Female |
Korean |
03/09/2004 |
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Auditor |
Mr. |
Chung Chang-Yong |
Male |
Korean |
03/09/2004 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
10,244,146,385 |
12,109,257,388 |
394,063,851 |
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2005 |
8,649,490,560 |
10,797,626,317 |
360,472,793 |
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2004 |
7,108,366,626 |
9,572,614,282 |
358,993,680 |
Financial Description
Unit: KRW
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Authorized Capital |
5,000,000,000 |
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Paid-Up Capital |
700,000,000 |
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Total Issues Shares |
70,000 |
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Balance Sheet |
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Total Assets |
12,109,257,388 |
10,797,626,317 |
9,572,614,282 |
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Current Assets |
6,635,853,746 |
5,627,960,282 |
4,139,206,527 |
|
-Quick Assets |
5,169,352,472 |
4,021,364,203 |
3,114,061,815 |
|
-Inventories |
1,466,501,274 |
1,606,596,079 |
1,025,144,712 |
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Fixed Assets |
5,473,403,642 |
5,169,666,035 |
5,433,407,755 |
|
-Investment |
271,351,026 |
268,451,026 |
179,801,026 |
|
-Tangibles |
5,195,589,680 |
4,878,068,355 |
5,212,776,356 |
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-Intangibles |
6,462,936 |
23,146,654 |
40,830,373 |
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Total Liabilities |
9,604,010,926 |
8,605,841,226 |
7,294,536,872 |
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Current Liabilities |
3,316,539,028 |
2,286,374,726 |
1,558,190,154 |
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Fixed Liabilities |
6,287,471,898 |
6,319,466,500 |
5,736,346,718 |
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Capital Stock |
700,000,000 |
700,000,000 |
700,000,000 |
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Capital Surplus |
- |
- |
- |
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Profit Surplus |
1,805,246,462 |
1,491,785,091 |
1,578,077,410 |
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Capital Adjustment |
- |
- |
- |
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Total Equity |
2,505,246,462 |
2,191,785,091 |
2,278,077,410 |
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Liab. & Shareholder’s Equity |
12,109,257,388 |
10,797,626,317 |
9,572,614,282 |
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Current Liabilities |
3,316,539,028 |
2,286,374,726 |
1,558,190,154 |
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Trade Payables |
904,608,669 |
1,426,907,095 |
865,570,664 |
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Account Payables |
606,289,083 |
486,886,851 |
245,690,012 |
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Withholdings |
21,606,490 |
19,390,690 |
16,266,970 |
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VAT Withhold |
116,112,420 |
73,020,500 |
124,564,390 |
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Short-Term Borrowings |
1,473,629,161 |
181,636,959 |
249,515,038 |
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Accrued Income Tax |
3,232,560 |
1,852,310 |
- |
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Advance Receipts |
191,060,645 |
76,932,995 |
47,481,000 |
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Accrued Expenses |
- |
19,747,326 |
9,102,080 |
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Fixed Liabilities |
6,287,471,898 |
6,319,466,500 |
5,736,346,718 |
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Long-Term Borrowings |
5,784,647,823 |
5,719,892,255 |
5,521,000,000 |
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Leasehold Deposits Received |
14,000,000 |
4,000,000 |
4,000,000 |
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Provision for Severance & Retirement |
488,824,075 |
595,574,245 |
211,346,718 |
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Income Statement |
|||
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Sales |
10,244,146,385 |
8,649,490,560 |
7,108,366,626 |
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Cost of Sold Goods |
7,233,294,085 |
5,830,290,755 |
4,629,499,139 |
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Gross Profit |
3,010,852,300 |
2,819,199,805 |
2,478,867,487 |
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Selling & Admin. Expenses |
2,240,242,281 |
2,234,562,521 |
1,879,796,493 |
|
Operating Income |
770,610,019 |
584,637,284 |
599,070,994 |
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Non-Operating Income |
185,722,127 |
242,873,580 |
44,436,700 |
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Non-Operating expenses |
526,710,075 |
446,662,631 |
284,514,014 |
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Ordinary Income |
429,622,071 |
380,848,233 |
358,993,680 |
|
Special Income |
- |
- |
- |
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Income Before Taxes |
429,622,071 |
380,848,233 |
358,993,680 |
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Income Taxes Expenses |
35,558,220 |
20,375,440 |
- |
|
Net Income |
394,063,851 |
360,472,793 |
358,993,680 |
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Cash Flows |
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Cash Flows from Operating |
345,348,306 |
(-)69,555,074 |
1,705,205,131 |
|
-Net Income |
394,063,851 |
360,472,793 |
358,993,680 |
|
-Exp. without Cash Outflow |
526,853,605 |
720,303,976 |
769,614,661 |
|
-Revenue without Cash Inflows |
|
(-)380,044 |
- |
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-Changes in Asset/ & Liability |
(-)575,569,150 |
(-)1,149,951,799 |
576,596,790 |
|
Cash Flows from Investing |
(-)1,653,423,705 |
(-)12,978,642 |
(-)3,961,508,992 |
|
-Cash Inflow from Investing |
- |
314,286,187 |
3,185,000 |
|
-Cash Outflows for Investing |
(-)1,653,423,705 |
(-)327,264,829 |
(-)3,964,693,992 |
|
Cash Flows from Financing |
1,366,747,770 |
131,014,176 |
2,272,615,680 |
|
-Cash Inflows from Financing |
7,846,629,161 |
1,241,529,214 |
3,579,515,038 |
|
-Cash Outflows from Financing |
(-)6,479,881,391 |
(-)1,110,515,038 |
(-)1,306,899,358 |
|
Increase/Decrease in Cash |
58,672,371 |
48,480,460 |
16,311,819 |
|
Cash at the Beginning of Year |
86,169,623 |
37,689,163 |
21,377,344 |
|
Cash at the End of Year |
144,841,994 |
86,169,623 |
37,689,163 |
Products,
Technologies, Services
Description
|
Main Products & Services |
Rebar Cutter, Rebar Bender, Automatic
Shearing Line, Automatic Bending Line |
Related Parties
(Subsidiaries, Joint-
Venture &
Affiliates)
|
Overseas Office |
Philippine Representative Office Warehouse #2, Blossom’s Compound, Km 25, TEL: +63-2-772-1001~4 FAX:+63-2-772-1003 Rm.502, No.86, Nane TEL:+86-21-3432-0334 FAX:+86-21-3432-0675 |
|
Subsidiary |
B&C Rebar Machine TEL: +1-310-515-9617 FAX:+1-310-515-6893 (100% held by the subject company) |
Sales by Region (Activity
& Markets)
|
Sales/ Unit :Mil KRW |
2006 |
2005 |
2004 |
|
Export |
2,629,237,351 |
1,644,750,409 |
376,244,272 |
|
Domestic |
7,614,909,034 |
7,004,740,151 |
6,732,122,354 |
|
Total |
10,244,146,385 |
8,649,490,560 |
7,108,366,626 |
The Subject exports its products to
Court Action
No.
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 |
|
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%)