MIRA
INFORM REPORT
|
Report Date : |
17.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SAEHAN INDUSTRIES INC. |
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Registered Office : |
287, Gongdan 2-dong, Gumi-si, Gyeongsangbuk-do - 730-906 |
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Country : |
Korea |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
07.01.1972 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Man-Made Fiber Fabrics |
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 |
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|
|
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Payment Behaviour : |
Regular |
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|
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Litigation : |
Exists |
Basic
|
Company Name |
SAEHAN INDUSTRIES INC. |
|
Registered Address/Gumi 1st
Factory |
287, Gongdan 2-dong, Gumi-si,
Gyeongsangbuk-do, Korea |
|
Zip Code |
730-906 |
|
Tel |
+82-54-469-4114 |
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Fax |
+82-54-469-4444 |
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E-mail |
webmaster@saehan.co.kr;kspark@saehan.co.kr |
|
Website |
www.saehan.co.kr |
|
Trading Address / Seoul Office |
254-8, Gongdeok-dong, Mapo-gu, Seoul,
Korea |
|
Tel |
+82-2-3279-7000 |
|
Fax |
+82-2-3279-7062 |
|
Gumi 2nd Factory |
309, Gongdan-dong, Gumi, Gyungsangbuk-do, Korea |
|
Tel |
+82-54-480-3000 |
|
Fax |
+82-54-480-3002 |
|
Anseong Factory |
58, Singeonji-dong, Anseong-si, Gyeonggi-do, Korea |
|
Tel |
+8231-677-2831~4 |
|
Fax |
+82-31-677-2835 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Man-Made Fiber Fabrics |
|
Main Business |
Yarn, Fabrics, PET Sheet, Filter, Chip |
|
Established |
07/01/1972 |
The Subject owns
the Gumi 1st and 2nd Factories and Seoul Office.
Detailed Products
|
Activity |
Detailed Products |
|
Sell |
Yarns(11151700 |
|
Sell |
Blank tapes(43202002) |
|
Sell |
Magneto Optical MO disks(43202006) |
|
Sell |
Cotton fibers(11151507) |
|
Sell |
Resins(13111000) |
|
Sell |
Filters(40161500) |
|
Sell |
Concrete pilings(30102802) |
|
Sell |
Polyester films(13111210) |
|
Sell |
Blank video tapes(45131604) |
|
Sell |
Fabrics and leather materials(11160000) |
|
Sell |
Water purification equipment(47101514) |
|
Sell |
Sheet(30102500) |
CEO’s
|
Name |
Park Kwang-Up |
|
Address |
- |
|
Date of Birth |
08/15/1951 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital |
235,186,090,000 KRW |
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|
Employees |
1,099 |
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|
Formation |
Listed Company (KOREA STOCK EXCHANGE :
008000 ) as of 06/30/1977 Foreign Direct Investment Corporation A company of SAEHAN GROUP |
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Bank Details |
Woori Bank-Gangnam Sales Head Branch |
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Corporate Registered No. |
174811-0000151 |
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Business Registered No. |
515-81-00097 |
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Permit & Licenses |
11/1993 ISO 9002 09/1994 ISO 9001 12/1995 ISO 9002-Kyungsan factory 12/1996 ISO 14001 Gumi 1 Factory 12/1997 ISO 14001-Kyungsan factory Int’l Trade No.: 875527 |
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Shareholder Position |
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Company History |
07/01/1972 Established Cheil Synthetics
Textiles Co. Ltd 02/28/1989 Changed company name to Cheil
Synthetics Inc. 08/31/1995 Separated from Samsung Business
Group 02/28/1997 Changed company name to the
present name 08/2000 Sold Music Business Div. 03/2001 Sold Battery Business Div. 09/2001 Sold PHILTEX Business Div. 11/2001 Sold Electronic Information Div. 04/2002 Sold Processing Film Div. 07/2002 Sold Mapo Head Office Building 07/2002 Sold Garments Business Div. 07/2006 Changed the registered Head office
address to one of Gumi Factory. |
The market expects the future of textile
industry will be tough because of China’s low priced products, exchange rate
and high oil price. The subject has been proceeded the restructuring course
until 2005. It is known at its result was good. However financial performance
did not meet the market expectation due to Exchange rate, High Oil Price and
Downturn of domestic market.
The Subject Company is a Korea-based company
that is principally engaged in the production and supply of textiles and
industrial and environmental materials. The Company's product portfolio
consists of polyester filament yarns, including wool-like yarns, silk-like
yarns, linen-like yarns, cotton-like yarns, rayon-like yarns, stretch yarns,
micro yarns and functional yarns; polyester staple fiber, including polyester
staple fiber for spinning, non-woven polyester staple fiber and special
polyester staple fiber available in 50 colors; textured and functional
textiles, such as synthetic fiber, natural fiber and blended fiber textiles;
filters, mainly osmosis membranes and micro filters, and plastic sheets,
including polyethylene terephthalate (PET) sheets, impact-resistant,
chemical-resistant PET plates and polycarbonate (PC) sheets. The Company also
offers water treatment materials, mainly fiber membranes, and chip products,
including PET chips and special chips.
-History of Corporate Work-Out Procedure
05/18/2000 Applied to Corporate Work-Out
Procedure
06/02/2000 Decided to Corporate Work-Out
Procedure at the 2nd meeting of Creditors
10/18/2002 Signed the agreement on the
Corporate Work-Out Procedure between the creditors of financial institutes and
the Subject Company
12/30/2004 Postponed the payment of debts
until 12/31/2006 based on the agreement on the 3rd Corporate Work-Out Procedure
12/28/2006 Postponed the payment of debts
until 06/30/2007 based on the agreement on the 4th Corporate Work-Out Procedure
04/05/2007 Postponed the payment of debts
until 12/31/2008 based on the agreement on the 5th Corporate Work-Out Procedure
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Inauguration Day |
|
President & CEO |
Mr. |
Park Kwang-Up |
Korean |
1951.08.15 |
Sungkyunkwan University |
|
Director |
Mr. |
Kim Jung-Hoon |
Korean |
1959.12.21 |
- |
|
Director |
Mr. |
Morino Hitoshi |
Japanese |
1947.08.12 |
- |
|
Outside Director |
Mr. |
Shin Ki-Sup |
Korean |
1955.10.29 |
- |
|
Outside Director |
Mr. |
Park Tae-Young |
Korean |
1951.01.15 |
- |
|
Auditor |
Mr. |
Lee Min-Ki |
Korean |
1949.12.03 |
Chonbuk National University |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
2006 |
736,267,430,972 |
886,459,599,104 |
(-)91,438,625,923 |
|
2005 |
744,435,173,207 |
1,004,443,504,799 |
5,506,215,130 |
|
2004 |
742,625,976,438 |
1,122,944,383,321 |
15,122,739,623 |
Financial
Description
Unit: KRW
|
Authorized
Capital |
1,00,000,000,000 |
|
Paid-Up
Capital |
235,186,090,000 |
|
Total Issues Shares |
47,037,218 |
Balance Sheet
|
Unit : Korean Won |
01/01/2007~09/30/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Total Assets |
626,466,704,167 |
886,459,599,104 |
1,004,443,504,799 |
|
Current Assets |
241,978,378,245 |
232,799,646,729 |
301,832,072,936 |
|
-Quick Assets |
159,022,742,835 |
152,904,148,818 |
215,698,979,333 |
|
-Inventories |
82,955,635,410 |
79,895,497,911 |
86,133,093,603 |
|
Fixed Assets |
384,488,325,922 |
653,659,952,375 |
702,611,431,863 |
|
-Investment |
89,531,053,770 |
338,993,122,256 |
94,133,193,098 |
|
-Tangibles |
287,772,306,813 |
307,779,182,336 |
602,671,690,797 |
|
-Intangibles |
1,021,834,755 |
1,015,277,320 |
397,779,749 |
|
-Others |
6,163,130,584 |
5,872,370,463 |
5,408,768,219 |
|
Total Liabilities |
383,880,938,995 |
607,076,975,861 |
630,684,672,505 |
|
Current Liabilities |
142,023,418,439 |
319,087,893,649 |
236,277,605,538 |
|
Fixed Liabilities |
241,857,520,556 |
287,989,082,212 |
394,407,066,967 |
|
Capital Stock |
235,186,090,000 |
235,186,090,000 |
235,186,090,000 |
|
Capital Surplus |
21,287,368,492 |
107,219,779,285 |
106,516,965,914 |
|
Profit Surplus |
-36,718,471,897 |
-85,932,410,793 |
5,506,215,130 |
|
Capital Adjustment |
22,830,778,577 |
22,909,164,751 |
26,549,561,250 |
|
Total Equity |
242,585,765,172 |
279,382,623,243 |
373,758,832,294 |
|
Liab. & Shareholder’s Equity |
626,466,704,167 |
886,459,599,104 |
1,004,443,504,799 |
|
Current
Liabilities |
142,023,418,439 |
319,087,893,649 |
236,277,605,538 |
|
Short-Term Borrowings |
37,335,174,903 |
40,450,996,743 |
14,727,332,959 |
|
Trade Payables |
40,803,652,179 |
43,077,993,110 |
56,984,149,024 |
|
Account Payables |
32,521,473,926 |
41,447,629,344 |
46,123,730,490 |
|
Accrued Expenses |
4,305,262,932 |
4,247,639,494 |
6,137,883,132 |
|
Advance Recipts |
1,031,337,182 |
182,579,634,676 |
104,834,397,938 |
|
Withholdings |
1,222,857,510 |
1,767,829,455 |
1,878,044,504 |
|
Guarantee Deposit Withhold |
31,250,000 |
96,250,000 |
101,250,000 |
|
VAT Withhold |
125,229,422 |
- |
- |
|
Leasehold Deposit Recived |
3,370,000,000 |
3,515,000,000 |
3,779,000,000 |
|
Provision for Corporate
Restructuring |
20,783,138,138 |
1,407,441,595 |
- |
|
Current Portion of Long-Term
Debts |
494,042,247 |
497,479,232 |
1,711,817,491 |
|
Fixed
Liabilities |
241,857,520,556 |
287,989,082,212 |
394,407,066,967 |
|
Debentures |
84,200,881,885 |
93,567,496,453 |
93,567,496,453 |
|
Long-Term Borrowings |
138,232,790,931 |
176,325,607,865 |
286,422,866,429 |
|
Provision for Severance &
Retirement |
33,369,215,619 |
32,833,142,465 |
31,144,644,482 |
|
Provision for Repairing |
128,153,000 |
740,803,000 |
135,376,000 |
Income Statement
|
Unit : Korean Won |
01/01/2007~09/30/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Sales |
555,048,359,579 |
716,754,465,391 |
744,435,173,207 |
|
Cost of Sold Goods |
507,362,425,784 |
668,733,299,715 |
688,868,042,626 |
|
Gross Profit |
47,685,933,795 |
48,021,165,676 |
55,567,130,581 |
|
Selling & Admin. Expenses |
42,845,282,896 |
58,023,095,205 |
55,190,311,504 |
|
Operating Income |
4,840,650,899 |
(-)10,001,929,529 |
376,819,077 |
|
Non-Operating Income |
13,008,640,851 |
23,247,841,876 |
104,476,175,188 |
|
Non-Operating expenses |
50,920,966,786 |
103,203,461,913 |
99,346,779,135 |
|
Ordinary Income |
(-)33,071,675,036 |
(-)89,957,549,566 |
5,506,215,130 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
(-)36,718,471,897 |
(-)91,438,625,923 |
5,506,215,130 |
|
Income Taxes Expenses |
- |
- |
- |
|
Net Income |
(-)36,718,471,897 |
(-)91,438,625,923 |
5,506,215,130 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2007~09/30/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Cash Flows from Operating |
6,840,928,866 |
(-)19,257,001,825 |
125,150,631,115 |
|
-Net Income |
(-)36,718,471,897 |
(-)91,438,625,923 |
5,506,215,130 |
|
-Exp. without Cash Outflow |
67,071,552,437 |
91,864,480,831 |
95,271,015,822 |
|
-Revenue without Cash Inflows |
(-)4,390,935,670 |
(-)6,221,072,508 |
(-)73,497,932,823 |
|
-Changes in Asset/ & Liability |
(-)19,121,216,004 |
(-)13,461,784,225 |
97,871,332,986 |
|
Cash Flows from Investing |
39,671,545,496 |
46,913,545,334 |
79,893,246,021 |
|
-Cash Inflow from Investing |
775,166,997,067 |
94,334,565,000 |
154,112,377,712 |
|
-Cash Outflows for Investing |
(-)735,495,451,571 |
(-)47,421,019,666 |
(-)74,219,131,691 |
|
Cash Flows from Financing |
(-)50,596,609,227 |
(-)84,311,841,294 |
(-)199,312,801,348 |
|
-Cash Inflows from Financing |
20,631,860 |
25,723,676,683 |
57,024 |
|
-Cash Outflows from Financing |
(-)50,617,241,087 |
(-)110,035,517,977 |
(-)199,312,858,372 |
|
Increase/Decrease in Cash |
(-)4,084,134,865 |
(-)56,655,297,785 |
5,731,075,788 |
|
Cash at the Beginning of Year |
39,608,159,698 |
96,263,457,483 |
90,532,381,695 |
|
Cash at the End of Year |
35,524,024,833 |
39,608,159,698 |
96,263,457,483 |
Products,
Technologies, Services
Description
|
Main
Products & Services |
Polyester Filament Polyester Staple Fiber Chip Textile Filter Water Treatment Sheet Brand Name: ESLON, CSM |
|||||||||
|
Production
Capacity (Unit:
Thousand YD / Thousand EA / Ton) |
|
Organization
Structure
|
Competitors |
HUVIS DAEHAN SYNTHETIC FIBER CO., LTD. |
Related Parties
(Subsidiaries, Joint-
Venture &
Affiliates)
|
Affiliates |
SAEHAN INFORMATION SYSTEM CO.,
LTD.(110111-1369465) (30.00% held y the subject company) SAEHAN LOGICS CO., LTD.(184511-0004511) (64.74% held y the subject company) |
|
Overseas Office |
Tokyo Office 7f. Akasaka Habitation Bldg. 1-3-5, Akasaka
Minato-ku Tokyo,107-0052, Japan TEL : 81-3-5114-5950,1 FAX : 81-3-3583-4361 Qingdao Office Room 405A, BlockB, Fullhopy Plaza, No. 12
Hongkong Middle Rd., Qingdao, Shandong, China 266071 TEL : 86-532-502-8522 FAX : 86-532-502-8525 Beijing Office 1st Fl., Guomen Bldg., 1 Zuojia-zhuang
Qiaoyang-qu, Beijing, China 100028 TEL : 86-10-8451-3301,4 FAX :
86-10-8451-1941 Vietnam Office 516 Cong Hoa ST. Ward 13, Tan Binh Dist,
Hochiminh City, Vietnam TEL : 84-8-106-831/2, 834 FAX :
84-8-106-833 |
|
Subsidiary |
SAEHAN JEHAP TRADING(SHANGHAI) CO.,
LTD.(100.00% held y the subject company) Rm 2307, International Trade Center, 2200
Yanan Road(w). Shanghai TEL : 86-21-6219-0119 CHUNJIN SAEHAN CO., LTD.(CHINA)(100.00%
held y the subject company) No 54, Jian-Chang ST, Hebei District,
Tianjin, China 300240 TEL : 86-22-2612-4000 FAX : 86-22-2612-2041 P.T.SAEHAN TEXTILES (90.34% held y the
subject company) Gedung Surya Lt. 6 Suite 606, JL. MH. Thamrin Kav-9, Jakarta 10350 SAEHAN MEDIA IRELAND LIMITED(50.00% held y
the subject company) |
Sales by Region (Activity
& Markets)
|
Sales/ Unit :Mil KRW |
2006 |
2005 |
2004 |
|
Export |
442,451 |
452,206 |
446,478 |
|
Domestic |
271,306 |
266,986 |
269,631 |
|
Others |
22,510 |
25,243 |
26,517 |
|
Total |
736,267 |
744,435 |
742,626 |
Court Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (Thousand KRW) |
Status |
|
|
Seoul Administration Court |
The Subject Company |
Fair Trade Commission |
Cancellation on order of Correction |
- |
Proceeding |
|
|
Seoul
District Court |
Keum In-Soon
and Others |
The Subject
Company |
Claim for
damages |
436,496 |
Proceeding |
|
|
Seoul High
Court |
Fair Trade
Commission |
The Subject
Company |
Violation on
the law of Fair Trade |
- |
Proceeding |
|
|
Seoul High
Court |
Jeong
Hyun-Joon |
The Subject
Company |
Application
for Dividends |
217,440 |
Proceeding |
|
|
Seoul
District Court |
Dawon
E&C and Others |
The Subject
Company |
Nullifying
the bid of Subcontracting on construction |
50,000 |
Proceeding |
|
|
Seoul
District Court |
Jungsan City
Development Co., Ltd. |
The Subject
Company |
Claim for
damages |
8,888,064 |
Proceeding |
|
|
Seoul
District Court |
Lee
Sung-Sung |
The Subject
Company |
Claim for
damages |
556,470 |
Proceeding |
|
|
Seoul
District Court |
Bae Ki-Taik |
The Subject
Company |
Claim for
Clearance on the Registry |
1,800,000 |
Proceeding |
News Clipping
Saehan develops Prism Sheet and enters into its marketing activities in
full swing
2007-08-30
Saehan announced on August 30 that it has developed an LCD prism sheet
and entered into its marketing activities in full swing in the domestic and
overseas markets.
The prism sheet mentioned above is a film applied to a back light unit
(BLU) to enhance LCD’s brightness.
Among other things, the prism sheet (brand name: Lumism) developed by
Saehan this time has secured cost competitiveness by enabling the shape of
prism to be processed simultaneously as sheets are manufactured, unlike its
existing competitors, and has come to be able to respond to diverse needs from
customers by adjusting the thickness of sheets up to 120㎛ ~ 600㎛.
Moreover, its additional strength lies in its excellent dimensional stability,
thanks to application of highly heat-resistant and less hygroscopic materials,
and the ability to provide a variety of functions to sheets themselves with
ease.
“To begin with the 7th International Meeting on Information Display
(IMID 2007), we plan to conduct aggressive marketing activities in the coming
future by participating in major domestic and international exhibitions and
otherwise,” said a Saehan official. “The Company plans to put further spurs to
developing diverse display and optical materials in the future, by utilizing
its accumulated technologies for synthesizing, processing and coating plastic.
As its operations launch in full swing, this division’s sales are envisaged to
reach 45 billion won in 2008 and 100 billion won in 2011.”
Saehan’s Ultramicro Filament Cleaning Products’ Sales Increase Steadily.
2007-06-25
Saehan’s Purimax, a cleaning product made of ultramicro filament
textile, is steadily increasing in sales, thanks to the company’s continuing
efforts for product development and sales promotion.
Purimax is a non-apparel textile product produced, using ultramicro
filaments made of
a mixture of polyester or nylon, and is used mainly for home cleaning
(e.g. as dish towels, cleaning cloth, bath articles, etc.) and cleaning optical
items (e.g. as cleaning cloth for glasses, lenses, computer screens, etc.)
Saehan released this cleaning article, Purimax, in the market first in
January 2005 and achieved 7.5 billion won of sales in the same year and 12
billion of sales in 2006. The company expects that its sales will reach 21
billion won this year.
In particular, Saehan is the only domestic textile manufacturer equipped
with an integrated production system of its own, ranging from filaments to
textile, dying and sewing processes. Therefore, the company has the strong
point over its competitors in terms of shortened delivery time, reduced cost,
etc.
“An investment in production of differentiated products, centering on
non-apparel items, may serve as a breakthrough for Korean chemical fiber
manufacturers that are presently in difficulties because of competition with
their Chinese competitors,” said a Saehan official.
“At the moment, we are putting further spurs to the development of new
products and quality improvement by establishing a task force with our business
partners and holding a joint meeting every week.”
In the mean time, Saehan exports over 80% of Purimax mainly to America,
Europe, Mexico, Turkey and Australia.
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. |
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%)