MIRA
INFORM REPORT
|
Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
SEO KANG DAIRY & FOOD CO., LTD. |
|
|
|
|
Registered Office : |
421, Wolseong-ri, Sanam-myeon, Sacheon-si, Gyeongsangnam-Do - 664-942 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
03/28/1983 |
|
|
|
|
Legal Form : |
Company Limited by shares |
|
|
|
|
Line of Business : |
Manufacture of Fluid Milk and Other Dairy Products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Basic
|
Company
Name |
SEO
KANG DAIRY & FOOD CO., LTD. |
|
Registered Address |
421,
Wolseong-ri, Sanam-myeon, Sacheon-si, |
|
Zip Code |
664-942 |
|
Tel |
+82-55-852-5511 |
|
Fax |
+82-55-852-5515 |
|
E-mail |
seokang@seokang.com |
|
Website |
www.seokang.com |
|
Trading Address/ |
300-9,
Yangjae 2-dong, Seocho-gu, |
|
Tel |
+82-2-573-5071 |
|
Fax |
+82-2-575-4032 |
|
Busan Office |
29, Bupyeong-Dong
1-Ga, Jung-Gu, Busan 600-804 |
|
Tel |
+82-51-246-7786 |
|
Fax |
+82-51-248-2264 |
|
Daegu Office |
528-3,
Pa-Dong, Suseong-Gu, Daegu 706-849 |
|
Tel |
+82-53-768-5453 |
|
Fax |
+82-53-768-5483 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Fluid Milk and Other Dairy Products |
|
Main Business |
Coffee Cream, Cream Cheese, Dairy Products, Bakery Material, Milk
Substitution |
|
Established (mm/dd/yyyy) |
03/28/1983 |
The Subject owns the factory (18,663.70㎡) and its book
value and appraisal price are 958,068,000 KRW and 1,717,060,000 KRW
respectively.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Processed cheese(50131802) |
|
Sell |
Syrups(50161512) |
|
Sell |
Instant tea(50201711) |
|
Sell |
Flavored ices or ice cream or ice cream desserts or frozen
yogurts(50192303) |
|
Sell |
Shelf stable milk or butter products(50131702) |
|
Sell |
Instant tea(50201711) |
|
Sell |
Non dairy creamers(50201714) |
|
Sell |
Edible vegetable and plant oils and fats(50151500) |
|
Sell |
Baking mixes and supplies(50181700) |
|
Sell |
Processed cheese(50131802) |
|
Sell |
Coffee and tea(50201700) |
|
Sell |
Instant tea(50201711) |
|
Buy |
Chocolate or chocolate substitute candy(50161813) |
|
Buy |
Fresh fruit(50101634) |
|
Buy |
Edible vegetable or plant oils(50151513) |
|
Buy |
Edible animal fats(50151605) |
CEO’s
|
Name |
Kim Yun-Kon |
|
Address |
421, Wolseong-ri, Sanam-myeon, Sacheon-si, |
|
Date of Birth |
12/20/1929 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital |
1,090,000,000 KRW |
|
Employees |
59 |
|
Formation |
Co., Ltd by shares |
|
Bank Details |
Pusan Bank-Chungmu Branch Address: 25, Chungmu-Dong 1-Ga, Seo-Gu,
Busan 602-011 Tel: 82-51-242-3571 Fax: 82-51-242-9557 Kyungnam Bank-Sacheon Branch |
|
Corporate Registered No. |
194411-0000494 |
|
Business Registered No. |
619-81-00540 |
|
Permit & Licenses |
02/2003 ISO 9001:2000 certification (NATA
certification services) Int’l Trade No.: 24002938 |
|
Shareholder Position |
Kim Yun-Kon has 65.4% and others(3) have the rest of shares. |
|
Company History |
01-2004 Expanded the factory (land area:
12870 sq. ft.; building area: 5931 sq. ft) 04-2003 Received prize for exporting 3
million dollars worth of Kyung-Nam gricultural and marine products 04-2003 Upgraded the automatic packaging
equipment 02-2003 Obtained ISO 9001:2000
certification (NATA certification services) 02-2003 Acquired facilities for spreadable
products 08-2002 Acquired cream cheese filling
facilities 04-2002 Received a citation from the
Kyung-Nam provincial governor for paying taxes correctly 06-2002 Earned recognition as a promising
medium-sized enterprise for the export sector 02-2002 Upgraded the automatic packaging
equipment 11-2001 Received prize during the 38th anniversary
of trade for exporting products worth 300 million dollars. 08-2001 Promoted from a food technical
laboratory to a full-fledged research institute 12-2000 Received prize for exporting
500,000 dollars worth of Kyung-Nam agricultural marine products (land area: 8379 sq.ft;
building area: 4914 sq.ft) 03-1999 Received a citation (# 8675) from
the minister of the Korean customs service for paying taxes correctly 10-1999 Acquired pizza cheese facilities 03-1997 Received a citation (# 24285) from
the minister of the Korean tax service for paying taxes correctly 09-1995 Moved to a new agricultural
factory site in Sa 12-1992 Increased capital to 10.9 million
dollars (1,090,000,000KRW) 03-1992 Received a citation (# 17686) from
the minister of the Korean tax service for paying taxes correctly 12-1985 Acquired a second spray dryer 12-1984 Acquired a new factory site and
expanded the machine room (4275 sq.ft; building area: 1674 sq.ft) 03-1984 Increased capital by 4.9 million
dollars 03-1983 Establishment capital,
281,865,000KRW 03-1983 Transferred its formation to Co.,
Ltd. by shares from Sole Proprietorship (Registered as Seo Kang Dairy & Food
Co, Ltd.) 04-1981 Acquired Sung Up, a medium-sized
enterprise (land area: 3159 sq.ft; building area: 927 sq.ft) 06-1981
Established |
The company was founded by the current
president, Kim Yun-Kon. Since its foundation, The Subject has been manufacturing
substitute products for milk, cheese products, confectionery, cakes and
pastries, and ingredients for milk products.
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
|
President & CEO |
Mr. |
Kim Yun-Kon |
Male |
Korean |
12/06/1999 |
|
Director |
Mr. |
Kim Hwoi-Kon |
Male |
Korean |
12/06/1999 |
|
Director |
Mr. |
Kim Soon-Kon |
Male |
Korean |
12/06/1999 |
|
Auditor |
M/S. |
Ahn Hye-Rim |
Female |
Korean |
01/20/2000 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
25,198,970,833 |
20,766,126,862 |
1,459,991,560 |
|
|
2005 |
23,733,436,747 |
19,111,760,353 |
1,042,055,030 |
|
2004 |
21,756,931,084 |
16,311,355,452 |
799,224,656 |
|
2003 |
18,157,732,290 |
14,674,858,815 |
1,227,591,691 |
Financial Description
Unit: KRW
|
Authorized Capital |
2,254,920,000 |
|
Paid-Up Capital |
1,090,000,000 |
|
Total Issues Shares |
218,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Total Assets |
20,766,126,862 |
19,111,760,353 |
16,311,355,452 |
|
Current Assets |
13,245,787,638 |
12,208,658,674 |
11,009,452,945 |
|
-Quick Assets |
8,512,208,771 |
8,149,290,354 |
7,102,393,106 |
|
-Inventories |
4,733,578,867 |
4,059,368,320 |
3,907,059,839 |
|
Fixed Assets |
7,520,339,224 |
6,903,101,679 |
5,301,902,507 |
|
-Investment |
501,531,280 |
477,743,680 |
306,195,984 |
|
-Tangibles |
7,018,807,944 |
6,425,357,999 |
4,995,706,523 |
|
-Intangibles |
- |
- |
- |
|
Total Liabilities |
8,244,072,912 |
7,995,485,563 |
6,411,272,492 |
|
Current Liabilities |
5,636,771,002 |
5,059,909,519 |
3,031,362,872 |
|
Fixed Liabilities |
2,607,301,910 |
2,935,576,044 |
3,379,909,620 |
|
Capital Stock |
1,090,000,000 |
1,090,000,000 |
1,090,000,000 |
|
Capital Surplus |
- |
- |
- |
|
Profit Surplus |
11,195,204,350 |
9,735,212,790 |
8,693,157,760 |
|
Capital Adjustment |
236,849,600 |
291,062,000 |
116,925,200 |
|
Total Equity |
236,849,600 |
291,062,000 |
116,925,200 |
|
Liab. & Shareholder’s Equity |
12,522,053,950 |
11,116,274,790 |
9,900,082,960 |
|
Current Liabilities |
5,636,771,002 |
5,059,909,519 |
3,031,362,872 |
|
Trade Payables |
2,960,798,505 |
2,648,655,326 |
2,474,840,763 |
|
Account Payables |
1,071,328,418 |
470,455,560 |
148,797,467 |
|
Short-Term Borrowings |
700,000,000 |
1,000,000,000 |
- |
|
Advance Receipts |
3,579,720 |
4,194,681 |
1,950,388 |
|
Withholdings |
18,708,760 |
21,390,300 |
16,545,280 |
|
Accrued Expenses |
253,576,747 |
312,073,232 |
197,613,603 |
|
Accrued Income Tax |
213,378,852 |
130,322,989 |
138,997,940 |
|
Current Portion of Long-Term Debts |
415,400,000 |
457,900,000 |
37,700,000 |
|
Short-Term Borrowings to Directors/Shareholders |
- |
14,917,431 |
14,917,431 |
|
Fixed Liabilities |
2,607,301,910 |
2,935,576,044 |
3,379,909,620 |
|
Long-Term Borrowings |
951,000,000 |
1,366,400,000 |
1,789,300,000 |
|
Leasehold Deposit Received |
2,000,000 |
2,000,000 |
2,000,000 |
|
Provision for Severance & Retirement |
1,654,301,910 |
1,567,176,044 |
1,588,609,620 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Sales |
25,198,970,833 |
23,733,436,747 |
21,756,931,084 |
|
Cost of Sold Goods |
20,278,277,313 |
19,521,766,232 |
17,573,483,480 |
|
Gross Profit |
4,920,693,520 |
4,211,670,515 |
4,183,447,604 |
|
Selling & Admin. Expenses |
3,052,227,486 |
2,836,082,166 |
2,904,088,634 |
|
Operating Income |
1,868,466,034 |
1,375,588,349 |
1,279,358,970 |
|
Non-Operating Income |
226,571,902 |
189,161,108 |
78,133,762 |
|
Non-Operating expenses |
309,385,014 |
265,759,088 |
278,684,738 |
|
Ordinary Income |
1,785,652,922 |
1,298,990,369 |
1,078,807,994 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
1,785,652,922 |
1,298,990,369 |
1,078,807,994 |
|
Income Taxes Expenses |
325,661,362 |
256,935,339 |
279,583,338 |
|
Net Income |
1,459,991,560 |
1,042,055,030 |
799,224,656 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Cash Flows from Operating |
1,531,949,050 |
1,185,878,784 |
855,322,545 |
|
-Net Income |
1,459,991,560 |
1,042,055,030 |
799,224,656 |
|
-Exp. without Cash Outflow |
1,023,085,969 |
930,938,862 |
1,170,537,777 |
|
-Revenue without Cash Inflows |
(-)7,024,709 |
(-)11,179,182 |
(-)659,402 |
|
-Changes in Asset/ & Liability |
(-)944,103,770 |
(-)775,935,926 |
(-)1,113,780,486 |
|
Cash Flows from Investing |
(-)1,362,107,453 |
(-)1,719,986,577 |
(-)683,831,006 |
|
-Cash Inflow from Investing |
16,614,052 |
436,723,380 |
300,876,491 |
|
-Cash Outflows for Investing |
(-)1,378,721,505 |
(-)2,156,709,957 |
(-)984,707,497 |
|
Cash Flows from Financing |
(-)171,640,207 |
1,318,958,093 |
142,250,892 |
|
-Cash Inflows from Financing |
2,601,177,224 |
3,356,658,093 |
300,000,000 |
|
-Cash Outflows from Financing |
(-)2,772,817,431 |
(-)2,037,700,000 |
(-)157,749,108 |
|
Increase/Decrease in Cash |
(-)1,798,610 |
784,850,300 |
313,742,431 |
|
Cash at the Beginning of Year |
2,534,912,725 |
1,750,062,425 |
1,436,319,994 |
|
Cash at the End of Year |
2,533,114,115 |
2,534,912,725 |
1,750,062,425 |
Products,
Technologies, Services
Description
|
Main Products & Services |
Baking mixes and supplies Chocolate or chocolate substitute candy Coffee and tea Cream Cheese Edible animal fats Edible vegetable and plant oils and
fats Flavored ices or ice cream or ice cream
desserts or frozen yogurts Flavours or extracts Formulas and products for nutritional
support Fresh fruit Fresh milk or butter products Instant tea
Non dairy creamers Processed cheese Shelf stable milk or butter products Syrups |
Sales by Region (Activity
& Markets)
The Subject exports to
Asia:
Europe:
North America:
South America:
Oceania West:
Africa:
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%)