MIRA
INFORM REPORT
|
Report Date : |
07.05.2007 |
IDENTIFICATION DETAILS
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Name : |
TONG YANG MOOLSAN CO., LTD. |
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Registered Office : |
2nd Fl., Daeyong Bldg., 90, Nonhyeon 2-Dong, Gangnam-Gu, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
02/01/1960 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Agricultural and Forestry Machinery |
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 : |
Usually correct |
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Litigation : |
Clear |
Basic
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Company
Name |
TONG YANG MOOLSAN CO., LTD. |
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Registered Address |
90, Nonhyeon 2-dong, Gangnam-gu, |
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Building |
2nd Fl., Daeyong Bldg. |
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Zip Code |
135-818 |
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Tel |
+82-2-3014-2800 |
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Fax |
+82-2-3014-2850 |
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E-mail |
dylee@tym.co.kr;rachel2030@tym.co.kr |
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Website |
www.tym.co.kr |
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Trading Address |
2nd Fl., Daeyong Bldg., 90, Nonhyeon
2-dong, Gangnam-gu, |
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Tel |
+82-2-3014-2800 |
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Fax |
+82-2-3014-2850 |
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Culture Division |
399-1, Ahyeon 2(i)-dong, Mapo-gu, |
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Tel |
+82-2-313-3322 |
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Fax |
+82-2-364-1341 |
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Changwon Factory |
604-9, Namsan-dong, Changwon-si, |
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Tel |
+82-55-279-4231 |
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Fax |
+82-55-279-4445 |
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Jincheon Filter Factory |
85-17, Hapmok-ri, Deoksan-myeon, Jincheon-gun, |
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Tel |
+82-43-536-5104~8 |
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Fax |
+82-43-536-5109 |
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R&D INSTITUTE |
66-6, Jeil-ri, Yangji-myeon, Yongin-si, |
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Tel |
+82-31-334-8221 |
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Fax |
+82-31-334-8224 |
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Type |
Export/Import |
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Industry |
Manufacture of Agricultural and Forestry Machinery |
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Main Business |
Tractor, Combine, Rice Transplanter |
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Sub
Business |
Manufacture of Tobacco Products |
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Established (mm/dd/yyyy) |
02/01/1960 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
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Sell |
Domestic dinner set(52152016) |
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Sell |
Domestic spoons(52151704) |
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Sell |
Agricultural tractors(25101901) |
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Sell |
Combine harvesters(21101704) |
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Sell |
Stainless steel plate(30102205) |
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Sell |
Transplanters(21101602) |
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Sell |
Cigarette papers or filters(50211607) |
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Sell |
Agricultural machinery for harvesting(21101700) |
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Sell |
Cultivators(21101503) |
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Buy |
Agricultural and forestry and landscape machinery and Equipment
(21100000) |
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Buy |
Engines(26101500) |
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Buy |
Filter papers(40161803) |
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Buy |
Hydraulic systems and components(25172800) |
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Buy |
Stainless steel sheet(30102505) |
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Buy |
Cigarette papers or filters(50211607) |
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Buy |
Bearings(31171500) |
CEO’s
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Name |
Kim Hi-Yong |
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Date of Birth |
11/02/1942 |
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Title |
Chairman & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital |
32,694,450,000 KRW |
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Employees |
705 |
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Formation |
Listed Company ( A Company of BYUKSAN Business Group |
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Bank Details |
Nonghyup Bank-Sales Department |
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Corporate Registered No. |
110111-0032899 |
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Business Registered No. |
106-81-28552 |
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Permit & Licenses |
1995 ISO 9002 1998 ISO 9002 1998 KT 2003 ISO 9001 03/14/2005 KT Int’l Trade No.: 670825 |
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Shareholder Position |
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Company History |
1960 Bokun Enterprise Co. founded. 1962 Firm name changed to Tong Yang
Moolsan Co., Ltd. 1964 Took over Korea Convenience Ind.,
Co., Ltd. and commenced manufacture export of stainless steel flatware and
castings. 1972 Far-East Filter Co. founded and
cigarette filters produced. 1968 Merged Korea Light Metal Co., Ltd.
and commenced agricultural Machinery production. 1972 The first factory of stainless steel
flatware established. 1973 Anyang Farm Machinery Factory
established. 1973 Company Share opened to the public 1975 The second factory of stainless steel
flatware established in Gunsan 1976.05.15 The First Stainless Steel
Flatware Factory moved to Iri Industrial Complex 1977 Light Metal Mill Factory moved to
Changwon Industrial Complex from 1978 Designated as General Agricultural
Machinery Manufacturer by the Government. 1978 Anyang Farm Machinery Factory moved
to Changwon Industrial Complex 1979 Far-East Filter Co. Merged into Tong
Yang Moolsan Co., Ltd. 1983 Stainless Steel Flatware Factory
moved to Iri Industrial Complex from 1985 Agricultural Machinery Factory
designated as First Grade Quality Manufacturer from the Government 1986 Stainless Steel Flatware Factory
designated as First Grade Quality Manufacturer from the Government. 1986 Stainless Steel Flatware obtained
"KS" mark from the Government 1988 Filter Factory moved to Jinchon 1991 Head Office moved to Byucksan 125
Building, Tongja-Dong, Yonsan-Ku, 1991 A joint corporation established in 1992 Established TYM's R&D Institute
and Agricultural Machinery Training Institute 1993 Entered to Environment Business
Division 1994 A corporation established in 1995 Obtain ISO 9002 Certificate 1996 Take over whole shares of other
shareholders of PT.MITRA Tong Yang MoolSan 1997 Acquisition of ChangShin Co., Ltd and
change its name into the second ChangWon Plant of Tong Yang MoolSan 12/23/1998 The Subject company agreed on
Work-Out Program with the Creditors association 1999 Established TongYang Agricultural
Machinery( 04/22/2000 Applied to finish the WORK-OUT
Program to the Creditors association 08/09/2000 Finished the Work-Out Program 2001 Established JiangSu TongYang Rice
Transplanter Co., LTD. 2001 Obtain ISO 9001 Certificate 2002 Obtain ISO 14001 Certificate 2004 Established TYM-USA 2004 Established LTYM(Liao Ning, 05/07/2004 Moved to the present HQ address |
The Subject Company is a Korea-based company
engaged in the manufacturing of agricultural machineries. The Company operates
four major divisions: Machinery division, which provides tractors, rice
transplanters, combines, binders, power tillers; Metal division, which provides
supplies stainless steel flatware, such as spoons, forks, hot-forged knives and
ceramic-coated products; Cigarette Filter division, which produces cigarette
filters, cellulose acetate filters, paper filters, dual filters, fragrant filters,
charcoal filters and triple filters, and Cultural Business division, which
imports newspapers, magazines and books from Japan. During the year ended
December 31, 2005, the Company had a production capacity of 26,056 agricultural
machineries and its actual output was 23,685 agricultural machineries. The
Company's headquarters are located in
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
|
Chairman & CEO |
Mr. |
Kim Hee-Yong |
Male |
Korean |
42.11.02 |
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Director |
Mr. |
Kim Jeong-Tae |
Male |
Korean |
48.06.02 |
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Executive Director |
Mr. |
Hwang Jong-Kook |
Male |
Korean |
46.08.18 |
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Director |
Mr. |
Sohn Sung-Man |
Male |
Korean |
55.03.10 |
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Outside Director |
Mr. |
Kim Kyung-Wook |
Male |
Korean |
51.08.20 |
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Outside Director |
Mr. |
Park Sang-Woo |
Male |
Korean |
39.08.11 |
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Auditor |
Mr. |
Lee Kil-Joon |
Male |
Korean |
41.10.16 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
2006 |
265,422,706,692 |
222,709,250,834 |
4,428,584,450 |
|
263,259,594,919 |
206,257,862,957 |
5,114,096,183 |
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2004 |
244,030,074,138 |
199,076,714,726 |
2,974,152,087 |
Financial Description
Unit: KRW
|
Authorized Capital |
85,000,000,000 |
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Paid-Up Capital |
32,694,450,000 |
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Total Issues Shares |
6,538,890 |
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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 |
222,709,250,834 |
206,257,862,957 |
199,076,714,726 |
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Current Assets |
134,200,583,719 |
117,090,401,960 |
116,425,972,848 |
|
-Quick Assets |
89,179,706,340 |
68,856,713,247 |
74,878,744,773 |
|
-Inventories |
45,020,877,379 |
48,233,688,713 |
41,547,228,075 |
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Fixed Assets |
88,508,667,115 |
89,167,460,997 |
82,650,741,878 |
|
-Investment |
28,457,105,097 |
29,713,823,291 |
25,259,558,751 |
|
-Tangibles |
56,262,382,497 |
55,335,212,985 |
53,515,558,985 |
|
-Intangibles |
3,789,179,521 |
4,118,424,721 |
3,875,624,142 |
|
Total Liabilities |
104,127,305,635 |
91,881,465,892 |
91,205,886,249 |
|
Current Liabilities |
55,154,556,578 |
78,774,417,026 |
63,857,729,220 |
|
Fixed Liabilities |
48,972,749,057 |
13,107,048,866 |
27,348,157,029 |
|
Capital Stock |
32,694,450,000 |
32,694,450,000 |
32,694,450,000 |
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Capital Surplus |
58,827,871,797 |
58,827,871,797 |
58,828,960,315 |
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Profit Surplus |
26,147,540,280 |
23,353,678,330 |
19,547,360,147 |
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Capital Adjustment |
912,083,122 |
(-)499,603,062 |
(-)3,199,941,985 |
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Total Equity |
118,581,945,199 |
114,376,397,065 |
107,870,828,477 |
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Liab. & Shareholder’s Equity |
222,709,250,834 |
206,257,862,957 |
199,076,714,726 |
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Current Liabilities |
55,154,556,578 |
78,774,417,026 |
63,857,729,220 |
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Trade Payables |
24,677,228,393 |
29,715,337,792 |
34,396,341,056 |
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Short-Term Borrowings |
12,119,744,012 |
17,484,337,566 |
12,687,579,253 |
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Account Payables |
1,081,298,045 |
1,290,540,390 |
1,631,867,577 |
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Advance Receipts |
1,118,516,271 |
1,426,666,670 |
1,602,038,650 |
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Withholdings |
5,371,361,820 |
4,510,611,198 |
3,822,377,923 |
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Accrued Expenses |
3,633,112,799 |
2,979,264,052 |
1,900,203,603 |
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Accrued Income Tax |
2,230,323,238 |
598,009,071 |
1,446,471,158 |
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Current Portion of Long-Term Debts |
4,922,972,000 |
20,769,650,287 |
6,370,850,000 |
|
Fixed Liabilities |
48,972,749,057 |
13,107,048,866 |
27,348,157,029 |
|
Debentures |
24,953,066,745 |
- |
16,618,708,416 |
|
Long-Term Borrowings |
14,830,928,000 |
3,359,500,000 |
4,176,350,000 |
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Foreign Currency Long-Term Borrowings |
1,045,800,000 |
2,659,125,000 |
- |
|
Provision for Sales Guarantee |
1,105,282,133 |
778,806,610 |
- |
|
Provision for Severance & Retirement |
7,037,672,179 |
6,309,617,256 |
6,553,098,613 |
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Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Sales |
265,422,706,692 |
263,259,594,919 |
244,030,074,138 |
|
Cost of Sold Goods |
200,566,955,724 |
201,920,498,965 |
196,043,596,533 |
|
Gross Profit |
64,855,750,968 |
61,339,095,954 |
47,986,477,605 |
|
Selling & Admin. Expenses |
51,258,367,233 |
51,954,614,689 |
41,695,030,994 |
|
Operating Income |
13,597,383,735 |
9,384,481,265 |
6,291,446,611 |
|
Non-Operating Income |
7,187,619,460 |
5,785,524,233 |
7,830,060,993 |
|
Non-Operating expenses |
14,124,537,034 |
9,968,530,669 |
11,147,355,517 |
|
Ordinary Income |
6,660,466,161 |
5,201,474,829 |
2,974,152,087 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
6,660,466,161 |
5,201,474,829 |
2,974,152,087 |
|
Income Taxes Expenses |
2,231,881,711 |
87,378,646 |
- |
|
Net Income |
4,428,584,450 |
5,114,096,183 |
2,974,152,087 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Cash Flows from Operating |
4,400,602,414 |
6,657,428,988 |
8,819,033,806 |
|
-Net Income |
4,428,584,450 |
5,114,096,183 |
2,974,152,087 |
|
-Exp. without Cash Outflow |
19,333,827,806 |
14,800,704,024 |
14,336,950,535 |
|
-Revenue without Cash Inflows |
(-)409,239,815 |
(-)407,829,794 |
(-)2,334,024,172 |
|
-Changes in Asset/ & Liability |
(-)18,952,570,027 |
(-)12,849,541,425 |
(-)6,158,044,644 |
|
Cash Flows from Investing |
(-)13,554,048,839 |
(-)10,941,395,110 |
2,131,902,346 |
|
-Cash Inflow from Investing |
5,886,103,851 |
3,104,106,115 |
16,049,008,705 |
|
-Cash Outflows for Investing |
(-)19,440,152,690 |
(-)14,045,501,225 |
(-)13,917,106,359 |
|
Cash Flows from Financing |
11,988,534,177 |
2,959,821,418 |
(-)9,917,638,929 |
|
-Cash Inflows from Financing |
91,835,775,469 |
75,378,320,881 |
42,535,529,618 |
|
-Cash Outflows from Financing |
(-)79,847,241,292 |
(-)72,418,499,463 |
(-)52,453,168,547 |
|
Increase/Decrease in Cash |
2,835,087,752 |
(-)1,324,144,704 |
1,033,297,223 |
|
Cash at the Beginning of Year |
9,180,944,512 |
10,505,089,216 |
9,471,791,993 |
|
Cash at the End of Year |
12,016,032,264 |
9,180,944,512 |
10,505,089,216 |
Products,
Technologies, Services
Description
|
Main Products & Services |
-Machinery Division Plant Area : 101,673 m2 Bldg. Area : 24,614 m2 Annual Production Capacity : -
Tractor = 10,000 /units -
Combine = 7,000 /units -
Rice Transplanter = 15,000 /units Tractor Used Tractor Rice Transplanter Combine Harvestor -Stainless Steel Flatware Division - Spoons & Forks made of 13% Cr.,18%Cr,
18/8(18/10)%Cr./Ni with various kinds of models. - Hot forged Monoblock knives. - 1pc & 2pc. Hollow Handle Knives with
cement injection style. - Hollow handle Buffetware. - Ceramic coated products. Commercial production have been started
since Sept. 1, 1991. Production capacity : 3 Mil. pcs/Month Commercial production have been started
since Nov.'94. Production capacity : 3 Mil. pcs/Month. -Cigarette Filter Division Plant Area : 40,000 ㎡ Bldg. Area : 9,000 ㎡ Annual Production Capacity : 15 BILLION
RODS. Triple Solid Filter CP Filter Flavour Thread Filter Recess Filter -Culture Service Division For over thirty years The Subject has been
importing various kinds of Japanese periodicals (newspaper, magazine and
book) through O.C.S Its main handling items for newspapers
covers Asahi, Yomiuri, Nihonkeizai, Sankei, Mainichi, etc, and for magazines
screen, Nihon camera, So-en, Beautiful room, Mc sister, JJ, Machinery design,
Engineering and Laboratory, Netpia, She's, etc. |
Trade Partners
|
Suppliers |
POSCO DONGSUNG CORPORATION Kukil Paper Co., Ltd. |
|
Customers |
NACF ISEKI( IHI( JOHN DEERE( Philip Morris Korea KT&G It is paid by credit with 3 months, cash
within 2 months, and D/A, TT and L/C. |
|
Competitors |
-Machinery DAEDONG INDUSTRIAL CO., LTD KUKJE, MACHINERY CO., LTD. LS MACHINERY CO., LTD. The Subject is ranked as the 2nd
player next to DAEDONG INDUSTRIAL CO., LTD. -Filter CELL CO., LTD. SAMHWA SILUP CO., LTD. HYUNDAI FILTER CO., LTD. The Subject is ranked as the 2nd
player next to CELL CO., LTD. |
Related Parties
(Subsidiaries, Joint-
Venture &
Affiliates)
|
Affiliates |
BYUKSAN CORPORATION 110111-0113384 BYUCKSAN ENGINEERING & CONSTRUCTION Inhee Co, Ltd 180111-0002301 BYUCKSAN PAINT & COATINGS CO., LTD. 134111-0011952 |
|
Subsidiary |
PT.TYM.NUSANTARA (100% held by the subject
company) TYM-USA Inc. (100% held by the subject
company) Tong Yang Net Co., Ltd. (100% held by the
subject company) JiangSu TongYang Rice Transplanter Co., LTD. (56.11% held by the subject company) LTYM(Liao Ning, |
Sales by Region (Activity
& Markets)
|
Sales/ Unit :Thousand KRW |
2006 |
2005 |
2004 |
|
Export |
94,081,924 |
94,111,770 |
99,806,785 |
|
Domestic |
171,340,783 |
169,147,825 |
144,223,289 |
|
Total |
265,422,707 |
263,259,595 |
244,030,074 |
Cigarette filter division has been exporting to
Court Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/
Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
Daegu District Court |
Shin Jin-Soo |
The Subject |
Claim for Damages |
71,560,000 KRW |
1st Round Proceeding |
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%)