MIRA
INFORM REPORT
|
Report Date : |
18.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AUSTEM CO., LTD. |
|
|
|
|
Registered Office : |
462-1, Jangsan-ri, Susin-myeon, Cheonan-si, Chungcheongnam-do, 330-882 |
|
|
|
|
Country : |
Korea |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
03.07.1990 |
|
|
|
|
Com. Reg. No.: |
312-81-07773 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Parts and Accessories for Motor Vehicle Body |
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 |
AUSTEM CO., LTD. |
|
Registered Address/Factory |
462-1, Jangsan-ri, Susin-myeon,
Cheonan-si, Chungcheongnam-do, Korea |
|
Zip Code |
330-882 |
|
Tel |
+82-41-559-2500 |
|
Fax |
+82-41-559-2401 |
|
E-mail |
austem@austem.co.kr |
|
Website |
www.austem.co.kr |
|
Trading Address |
462-1, Jangsan-ri, Susin-myeon,
Cheonan-si, Chungcheongnam-do, Korea |
|
Tel |
+82-41-559-2500 |
|
Fax |
+82-41-559-2401 |
|
(*)Other Address |
173-299, Gajwa-dong, Seo-gu, Incheon,
Korea |
|
Tel |
+82-32-570-9857 |
|
Fax |
+82-32-570-9515 |
|
Type |
Export |
|
Industry |
Manufacture of Parts and Accessories for Motor Vehicle Body |
|
Main Business |
Steel Wheel, Body Panel, Seat, Cross Member, Chassis, Module,
Longitudinal Assembly, Longitudinal Assembly, Side panel LH/RH, Floor Panel,
High Roof, Cross Member Assembly, Control Arm Assembly, Front Suspension
Module, Rear Suspension Module, Manual Seat Recliner, Manual Seat Guide Rail,
Powers Seat Mechanism assembly |
|
Established (mm/dd/yyyy) |
03/07/1990 |
The Subject owns
the premises of registered HQ address/Factory.
(*)Other Address(173-299, Gajwa-dong, Seo-gu, Incheon, Korea) is the
factory of ACM CO., LTD.(120111-0362632) which is 100% subsidiary to the
Subject Company.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Vehicle seating systems(25174600) |
|
Sell |
Automobile rims or wheels(25171901) |
|
Sell |
Automotive chassis(25181600) |
|
Buy |
Steel coil(30101904) |
CEO’s
|
Name |
Kim Jung-Woo |
|
Date of Birth |
09/01/1948 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital |
13,000,000,000 KRW |
|||||||||||||||||||||
|
Employees |
519 |
|||||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 031510)
as of 02/12/1997 |
|||||||||||||||||||||
|
Bank Details |
Korea Development Bank-Cheonan Branch Shinhan Bank Kookmin Bank Industrila Bank of Korea |
|||||||||||||||||||||
|
Corporate Registered No. |
161511-0006796 |
|||||||||||||||||||||
|
Business Registered No. |
312-81-07773 |
|||||||||||||||||||||
|
Permit & Licenses |
04/14/1995 ISO 9002 12/29/1997 Single PPM 12/12/1999 QS 9000 02/01/2001 ISO 14001 03/29/2003 ISO/TS16949:2002 certification |
|||||||||||||||||||||
|
Shareholder Position |
|
Company
History
05/2006 Acquired a subsidiary Company,
SEATEK Co., Ltd
09/2006 Awarded GM Global Delta II project
03/29/2005 Changed company name to the
present name
12/2005 Increase of capital 3.7 billion WON
(Total capital amount 13 billion WON)
03/2003 Acquired ISO/TS16949:2002
certification.
08/2002 Registered GM company.
05/2002 Selected as the best company by the
Korea Technology Credit Guarantee Fund.
03/2002 Won the prize as the corporation for
devout tax payment from the Commissioner of National Tax Office.
10/2001 Selected as the best company in 2001
by the Export-Import Bank of Korea.
04/2001 Worn the prize for best technology
in industrial platform technology development business (Ministry of Commerce,
Industry and Energy).
07/2001 Applied for patent for development
technology of car parts and accessories(WHEEL part-smart wheel for cars).
06/2001 Made the contract to supply seat
parts and accessories to Hanil Co., Ltd.
04/2001 Selected as the development company
for Renault Samsung Motor.
01/2001 Issued corporate bond(3 Billion Won)
Acquired ISO 14001 certification.
05/2000 Applied for patent for development
technology of car parts and accessories (WHEEL part).
04/2000 Manufactured JCI SEAT MECHANISM of
America.
04/2000 Selected as superior company in the
venture company evaluation.
01/2000 Applied for patent for development technology of car parts and
accessories (SEAT part).
12/1999 Acquired QS 9000 certification
Manufactured products by HYDRO-FORMING technique.
11/1999 Increased LONGI and SEAT production
lines for V-200(Magnus) model of Daewoo Motor.
Increased CROSS MEMBER and SEAT production
lines for U-100(Rezo) model of Daewoo Motor.
07/1999 Manufactured 3,500TON TRANSFER
PRESS.
10/1998 Acquired D-100PQ II Phase
Certification of Daewoo Motor.
06/1998 Selected as venture
company(Administrator of the Small and Medium Business Administration).
12/1997 Acquired 100PPM quality
certification(Administrator of the Small and Medium Business Administration).
07/1997 Made the technological alliance with
HDT in America (HYDRO-FORMING Molding Technology).
02/1997 Registered in KOSDAQ.
10/1996 Increased 2 press production lines
Increased capital of 2.4Billion Won(Total Capital 9.3 Billion Won).
09/1996 Built new management building and
moved to it.
08/1996 Participated in developing new car
in Daewoo Motor. (LANOS, NUBIRA, LEGANZA)
08/1995 Manufactured the functional products
of SEAT Increased capital of 0.5Billion Won(Total Capital 6.9 Billion Won).
08/1995 Won the prize from the director of
the Industrial Advancement Administration.
08/1995 Won the prize from the director of
the Industrial Advancement Administration.
01/1995 Won the prize from the director of
the Industrial Advancement Administration.
05/1994 Increased capital of 0.8Billion
Won(Total Capital 6.4 Billion Won).
12/1993 Established Employee Stock Ownership
Association. Increased capital of 0.6Billion Won(Total Capital 5.6 Billion
Won).
10/1992 Manufactured CHASSIS COMPONENTS
Increased capital of 0.5Billion Won(Total Capital 5 Billion Won).
10/1992 Manufactured BODY PANEL.
01/1992 Manufactured DISC WHEEL.
05/1991 Moved the office (Ansan->Cheonan)
Increased capital of 2.5Billion Won(Total Capital 4.5 Billion Won).
02/1991 Increased capital of 1Billion Won.
01/1991 Commenced the construction of WHEEL
DISC plant.
09/1990 Commenced the construction of a
plant Increased capital of 1.2Billion Won(Total Capital 2 Billion Won).
09/1990 Small and medium company
establishment was approved.
05/1990 The technology introduction was
approved by the Foreign Capital Inducement Law.
03/07/1990 Incorporated as Yun Young Co.,
Ltd.
The Subject Company specializes in the
manufacturing of automobile parts and accessories. The Company's product
portfolio consists of four main categories: steel wheels; body parts including
longitudinal assemblies, frame assemblies, side panels, floor panels, and high
roofs; chassis components and modules such as cross member assemblies, control
arm assemblies, front suspension modules and rear suspension modules, and seat
parts, including manual seat recliners, manual seat guide rails and
manual/power seat mechanism assemblies. During the year ended December 31,
2007, the Company had an annual production capacity of 21,310,000 parts and its
actual output was 21,505,000 parts. With the operation of three domestic
plants, it supplies to GM Daewoo Motors, Renault-Samsung Motors, Ssang Yong
Motors, Johnson Controls Inc, Air International, and others.
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Date of Birth |
|
President & CEO |
Mr. |
Kim Jung-Woo |
Male |
Korean |
1948.09.01 |
|
Vice President |
Mr. |
Park Myung-Won |
Male |
Korean |
1951.01.04 |
|
Director & CFO |
Mr. |
Kwon O-Bong |
Male |
Korean |
1957.01.01 |
|
Outside Director |
Mr. |
Lee Dong-Lim |
Male |
Korean |
1951.11.06 |
|
Auditor |
Mr. |
Kim Han-Kyung |
Male |
Korean |
1965.12.24 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
182,611,264,843 |
117,412,231,843 |
6,875,155,594 |
|
|
2006 |
141,463,972,752 |
115,919,805,540 |
2,452,923,068 |
|
2005 |
116,971,758,115 |
114,567,517,607 |
5,687,301,063 |
|
2004 |
177,890,117,244 |
79,952,047,023 |
3,485,512,029 |
|
2003 |
111,759,023,484 |
72,922,555,600 |
278,364,068 |
Financial Description
Unit: KRW
|
Authorized
Capital |
50,000,000,000 |
|
Paid-Up
Capital |
13,000,000,000 |
|
Total Issues Shares |
26,000,000 |
Balance
Sheet
|
Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Total Assets |
117,412,231,843 |
115,919,805,540 |
114,567,517,607 |
|
Current Assets |
44,993,357,667 |
46,448,223,284 |
50,616,325,051 |
|
-Quick Assets |
40,631,041,849 |
41,560,443,848 |
46,540,306,081 |
|
-Inventories |
4,362,315,818 |
4,887,779,436 |
4,076,018,970 |
|
Fixed Assets |
72,418,874,176 |
69,471,582,256 |
63,951,192,556 |
|
-Investment |
14,271,645,281 |
9,076,541,053 |
8,240,668,301 |
|
-Tangibles |
53,815,942,791 |
54,785,441,115 |
49,147,121,227 |
|
-Intangibles |
2,281,266,468 |
3,791,628,392 |
4,864,906,336 |
|
-Others |
2,050,019,636 |
1,817,971,696 |
1,698,496,692 |
|
Total Liabilities |
72,357,392,712 |
77,852,093,479 |
77,249,862,016 |
|
Current Liabilities |
41,607,112,451 |
49,480,558,240 |
55,289,960,294 |
|
Fixed Liabilities |
30,750,280,261 |
28,371,535,239 |
21,959,901,722 |
|
Capital Stock |
13,000,000,000 |
13,000,000,000 |
13,000,000,000 |
|
Capital Surplus |
9,979,666,417 |
9,542,853,852 |
9,542,853,852 |
|
Profit Surplus |
22,642,374,203 |
16,402,780,209 |
14,774,801,739 |
|
Capital Adjustment |
-567,201,489 |
-877,922,000 |
- |
|
Total Equity |
45,054,839,131 |
38,067,712,061 |
37,317,655,591 |
|
Liab. & Shareholder’s Equity |
117,412,231,843 |
115,919,805,540 |
114,567,517,607 |
|
Current
Liabilities |
41,607,112,451 |
49,480,558,240 |
55,289,960,294 |
|
Trade Payables |
10,910,577,225 |
8,554,464,841 |
3,813,805,993 |
|
Short-Term Borrowings |
17,333,328,000 |
28,613,471,254 |
24,586,904,000 |
|
Account Payables |
6,316,547,560 |
6,723,385,251 |
15,288,927,407 |
|
Advance Receipts |
466,400,892 |
793,000,000 |
2,811,000,000 |
|
Withholdings |
721,218,428 |
201,572,258 |
277,762,996 |
|
Accrued Expenses |
162,835,087 |
164,107,230 |
129,387,421 |
|
Accrued Income Tax |
1,150,958,429 |
39,084,647 |
1,430,414,265 |
|
Deferred Income Tax |
35,076,262 |
29,971,089 |
790,404 |
|
Current Portion of Long-Term Debts |
4,126,649,599 |
3,977,980,701 |
6,750,967,808 |
|
Provision for Sales Guarantee |
183,520,969 |
183,520,969 |
- |
|
Leasehold Deposit Received |
200,000,000 |
200,000,000 |
200,000,000 |
|
Fixed
Liabilities |
30,750,280,261 |
28,371,535,239 |
21,959,901,722 |
|
Debentures |
12,083,333,338 |
10,000,000,000 |
- |
|
Long-Term Borrowings |
11,906,536,774 |
12,233,494,187 |
16,123,707,994 |
|
Provision for Severance & Retirement |
6,273,144,951 |
6,068,798,393 |
5,682,941,879 |
|
Long-Term Account Payables |
1,076,220,000 |
687,420,000 |
730,734,000 |
Income
Statement
|
Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Sales |
182,611,264,843 |
141,463,972,752 |
116,971,758,115 |
|
Cost of Sold Goods |
153,361,729,428 |
119,653,403,160 |
94,740,525,125 |
|
Gross Profit |
29,249,535,415 |
21,810,569,592 |
22,231,232,990 |
|
Selling & Admin. Expenses |
18,048,812,372 |
16,056,793,729 |
13,001,274,183 |
|
Operating Income |
11,200,723,043 |
5,753,775,863 |
9,229,958,807 |
|
Non-Operating Income |
3,326,000,111 |
2,088,474,528 |
3,093,845,443 |
|
Non-Operating expenses |
6,638,322,573 |
5,010,844,414 |
4,957,339,232 |
|
Ordinary Income |
7,888,400,581 |
2,831,405,977 |
7,366,465,018 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
7,888,400,581 |
2,831,405,977 |
7,366,465,018 |
|
Income Taxes Expenses |
1,013,244,987 |
378,482,909 |
1,679,163,955 |
|
Net Income |
6,875,155,594 |
2,452,923,068 |
5,687,301,063 |
Cash
Flows
|
Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Cash Flows from Operating |
24,233,009,847 |
11,453,997,346 |
114,586,806 |
|
-Net Income |
6,875,155,594 |
2,452,923,068 |
5,687,301,063 |
|
-Exp.
without Cash Outflow |
15,431,198,813 |
13,391,515,764 |
12,723,341,184 |
|
-Revenue
without Cash Inflows |
(-)2,330,238,330 |
(-)612,663,480 |
(-)1,295,266,672 |
|
-Changes in
Asset/ & Liability |
4,256,893,770 |
(-)3,777,778,006 |
(-)17,000,788,769 |
|
Cash Flows
from Investing |
(-)12,786,310,214 |
(-)17,096,420,329 |
(-)21,323,688,052 |
|
-Cash Inflow
from Investing |
1,079,608,926 |
5,211,516,733 |
5,142,783,259 |
|
-Cash
Outflows for Investing |
(-)13,865,919,140 |
(-)22,307,937,062 |
(-)26,466,471,311 |
|
Cash Flows
from Financing |
(-)9,011,145,205 |
5,772,413,610 |
20,814,637,338 |
|
-Cash
Inflows from Financing |
10,499,812,945 |
16,916,703,254 |
29,479,088,904 |
|
-Cash Outflows
from Financing |
(-)19,510,958,150 |
(-)11,144,289,644 |
(-)8,664,451,566 |
|
Increase/Decrease
in Cash |
2,435,554,428 |
129,990,627 |
(-)394,463,908 |
|
Cash at the
Beginning of Year |
1,821,392,183 |
1,691,401,556 |
2,085,865,464 |
|
Cash at the
End of Year |
4,256,946,611 |
1,821,392,183 |
1,691,401,556 |
Products, Technologies, Services
Description
|
Main
Products & Services |
- Steel Wheels - Body Parts (Longitudinal Member, etc) - Chassis Parts (Cross Member, etc) - Seat Parts (Track, Recliner, etc) -Front Cradle Assembly -Rear Axle |
||||||||||||||||||||
|
Annual
Production Capacity (Unit: 1000 EA) |
|
Trade
Partners
|
Suppliers |
ACM CO., LTD.(120111-0362632) SEATEK CO.,LTD(130111-0011005) |
|
Customers |
GM DAEWOO AUTO & TECHNOLOGY COMPANY
(120111-0294124 ) HYUNDAI MOTOR COMPANY(110111-0085450) SSANGYONG MOTOR CO.,LTD(110111-0035132) RENAULT SAMSUNG MOTORS CO.,
LTD.(180111-0330380) KORYO JOHNSON CONTROLS LNC. HANYIL AIR INTERNATIONAL |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Joint Venture |
POS-AUSTEM SUZHOU AUTOMOTIVE CO.,
LTD.(POSCO:19.9%, THE SUBJECT:80.1%) |
|
Subsidiary |
ACM CO., LTD.(120111-0362632) (100.0% held by the subject company) SEATEK CO.,LTD(130111-0011005) (100.0% held by the subject company) |
Sales by
Region (Activity &
Markets)
|
Sales/ Unit :Mil KRW |
2007 |
2006 |
2005 |
|
Export |
123,700 |
91,834 |
83,369 |
|
Domestic |
58,911 |
49,630 |
33,603 |
|
Total |
182,611 |
141,464 |
116,972 |
The Subject imports from China.
Court
Action
No.
News
Clipping
---
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%)