MIRA
INFORM REPORT
|
Report Date : |
13.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CHONBANG CO., LTD. |
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|
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Registered Office : |
12~13th FI., Chungjeong Tower Bldg., 464, Chungjeongno 3-Ga, Seodaemun-Gu, Seoul 120-723 |
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Country : |
Korea |
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|
|
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Financials (as on) : |
30.09.2008 |
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Date of Incorporation : |
23.02.1953 |
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Com. Reg. No.: |
102-81-17373 |
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Legal Form : |
Listed Company |
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Line of Business : |
Cotton Spinning |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
Basic
|
Company
Name |
CHONBANG CO., LTD. (Korean Company Name : ”전방”) |
|
Registered Address |
464, Chungjeongno 3-ga, Seodaemun-gu,
Seoul, Korea |
|
Building |
12~13th FI., Chungjeong Tower Bldg. |
|
Zip Code |
120-723 |
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Tel |
+82-2-2122-6000 |
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Fax |
+82-2-392-3923 |
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E-mail |
webmaster@chonbang.co.kr;rex@chonbang.co.kr |
|
Website |
www.chonbang.co.kr |
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Trading Address |
12~13th FI., Chungjeong Tower Bldg., 464,
Chungjeongno 3-ga, Seodaemun-gu, Seoul, Korea |
|
Tel |
+82-2-2122-6000 |
|
Fax |
+82-2-392-3923 |
|
Other Address-Gwangju Factory |
100, Im-dong, Buk-gu, Gwangju, Korea |
|
Tel |
+82-62-520-3300 |
|
Fax |
+82-62-520-3349 |
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Other Address-Yeongam Factory |
K-1 Danji, Shinbuk Agriculature & Industrial Complex, Galgok-ri,
Sinbuk-myeon, Yeongam-gun, Jeollanam-do, Korea |
|
Tel |
+82-61-472-9191 |
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Fax |
+82-61-472-9126 |
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Other Address-Cheonan Factory |
97-1, Namsan-ri, Jiksan-eup, Cheonan-si, Chungcheongnam-do, Korea |
|
Tel |
+82-41-581-1371 |
|
Fax |
+82-41-582-0393 |
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Other Address-Siheung Factory |
1255-10, Jeongwang-dong, Siheung-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-499-8981 |
|
Fax |
+82-31-499-3488 |
|
Type |
Export/Import |
|
Industry |
Cotton Spinning |
|
Main Business |
Cotton Yarn, Synthetic Yarn, Embroidery Yarn, Sewing Threads, Denim
Fabrics, Cotton Fabrics |
|
Sub Business |
Manufacture of Cotton Fabrics |
|
Established (mm/dd/yyyy) |
02/23/1953 |
The Subject owns the premises of registered HQ address, Gwangju Factory,
Yeongam Factory, Cheonan Factory and Siheung Factory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Cotton fabrics(11161700) |
|
Sell |
Synthetic yarn(11151709) |
|
Sell |
Rubber fabrics(11162117) |
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Sell |
Threads(11151600) |
|
Sell |
Yarns(11151700) |
|
Sell |
Knit synthetic fabrics(11161804) |
|
Sell |
Polyester thread(11151603) |
|
Sell |
Cotton yarn(11151702) |
|
Sell |
Fabrics and leather materials(11160000) |
|
Buy |
Cotton(11121802) |
|
Buy |
Polyester S.F |
|
Buy |
Viscore Rayon |
CEO’s
|
Name |
Cho Kyoo-Ok |
|
Date of Birth |
07/29/1946 |
|
Title |
Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital |
8,400,000,000 KRW |
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Employees |
770 |
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Formation |
Listed Company (Korea Stock Exchange : 000950 ) as of 09/05/1968 |
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Bank Details |
Woori Bank-Chungjungro Branch Kwangju Bank Kookmin Bank Korea Development Bank Shinhan Bank |
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Corporate Registered No. |
110111-0005664 |
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Business Registered No. |
102-81-17373 |
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Permit & Licenses |
1997 ISO 9002 (Cheonan Factory) 1999 ISO 9002 (Siheung Factory) Int’l Trade No.: 670959 |
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Shareholder Position |
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Company History |
1935 Kanebo Textile Gwangju Factory was
established. 1953 Company succeeded (the former) Jongyeon
Textile Co. Ltd. 02/23/1953Incorporated
as Chonnam
Spinning Co., Ltd. (Capital: 6 million won). 1968 The Incheon factory was founded and
began operation (worsted and cotton spinning). 1968 Company listed in Korea Stock
Exchange. 01/1970 Company name was changed to
Chonbang Co., Ltd. 1972 Hanil Textile Co., Ltd. was founded
(now Chonbang Gunze Co., Ltd.). 1973 Chonil Textile Co., Ltd. was founded.
1978 Gwangju Factory and Incheon Factory
increased spinning machines and sewing thread equipment. 1987 Chonbang Textile Co., Ltd. was
founded. 1988 Chonil Textile Co., Ltd. was merged
and reorganized as Youngam Factory. 1988 Gwangju Factory increased 30,000
spindles to a total of 240,000 spindles (16.4 billion won invested). 1992 Yoengam Factory increased 152 looms
and other equipment (12 billion won invested). 1994 Capital increased to 8.4 billion won.
1995 Cheonan Factory and Siheung Factory
expanded and moved (91.6 billion won invested). 1996 Korea Tracon Co., Ltd. (condenser
manufacturer) was affiliated. 1996 A joint venture company Taichonbang
Textile Ind., Ltd. was founded in India with 54,000 looms. 03/31/1997 Moved to the present HQ address 04/1998 Acquired Jeonil Textiles Co., Ltd. 1999 ISO 9002 certified (Siheung, Cheonan,
Gwangju and Yeongam Factories). 2002 Siheung Factory increased dying
equipment and other facilities (28 billion won invested). 2003 Chonbang Textile Co., Ltd. changed
its name and business area to Chonbang Auto Co., Ltd. |
The Subject Company
is a Korea-based company engaged in the manufacturing of yarns and fabrics. The
Company provides yarns including cotton yarns, tencel yarns, modal yarns, and
others; dyed yarns, mercerized yarns, space dyed yarns and indigo dyed yarns;
threads including embroidery threads and sewing threads; fabrics including
denim, modal fabrics, tencel fabrics, span fabrics and cotton fabrics, as well
as knits. It also provides raw materials such as cotton. During the year ended
December 31, 2007, the Company had an annual production capacity of 30,159 tons
of yarns and 7, 971 kilo meters (km) of fabrics and its actual production
output was 24, 827 tons of yarns and 7,421 km of fabrics.
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Honorary Chairman |
Mr. |
Kim Chang-Sung |
Korean |
1932. 01. 20 |
Graduated School of Illinois University |
|
Chairman & CEO |
Mr. |
Cho Kyoo-Ok |
Korean |
1946. 07. 29 |
Yonsei University |
|
Director |
Mr. |
Kim Jong-Wook |
Korean |
1939. 01.18 |
Seoul National University |
|
President & CEO |
Mr. |
Cho Kyoo-Heun |
Korean |
1945.12. 08 |
Chosun University |
|
Sr. Executive Director |
Mr. |
Moon Seok-Ho |
Korean |
1953. 07. 01 |
Sungkyunkwan University |
|
Sr. Executive Director |
Mr. |
Choi Young-Ki |
Korean |
1954.11. 05 |
Cheonbuk National University |
|
Outside Director |
Mr. |
Lee Jong-Duck |
Korean |
1953. 04. 03 |
- |
|
Outside Director |
Mr. |
Lim Chae-Duck |
Korean |
1946. 02. 02 |
- |
|
Auditor |
Mr. |
Choi Yi-Sik |
Korean |
1944. 09. 03 |
Yonsei University |
|
Auditor |
Mr. |
Hwang Duck-Joo |
Korean |
1949. 09. 18 |
- |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
196,021,535,366 |
262,560,912,342 |
(-)5,875,904,991 |
|
|
2006 |
195,968,501,989 |
255,156,282,308 |
3,334,144,540 |
|
2005 |
184,743,146,930 |
269,566,485,266 |
(-)7,433,111,989 |
|
2004 |
225,553,497,667 |
280,181,242,189 |
2,628,138,146 |
|
2003 |
233,583,527,894 |
290,081,211,091 |
538,626,193 |
Financial Description
Unit: KRW
|
Authorized
Capital |
20,000,000,000 |
|
Paid-Up
Capital |
8,400,000,000 |
|
Total Issues Shares |
1,680,000 |
Balance
Sheet
|
Unit : Korean Won |
01/01/2008~09/30/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Total Assets |
268,847,575,577 |
262,560,912,342 |
255,156,282,308 |
|
Current Assets |
111,699,115,399 |
109,375,839,032 |
101,401,682,973 |
|
-Quick Assets |
52,347,925,761 |
50,511,566,443 |
47,693,377,922 |
|
-Inventories |
59,351,189,638 |
58,864,272,589 |
53,708,305,051 |
|
Fixed Assets |
157,148,460,178 |
153,185,073,310 |
153,754,599,335 |
|
-Investment |
9,960,967,270 |
11,208,578,447 |
12,127,493,987 |
|
-Tangibles |
145,512,263,726 |
140,291,946,328 |
138,878,998,476 |
|
-Intangibles |
236,260,756 |
261,662,816 |
329,673,011 |
|
-Others |
1,438,968,426 |
1,422,885,719 |
2,418,433,861 |
|
Total Liabilities |
148,635,141,826 |
121,645,674,733 |
108,207,351,080 |
|
Current Liabilities |
135,678,518,125 |
108,258,552,031 |
94,233,190,561 |
|
Fixed Liabilities |
12,956,623,701 |
13,387,122,702 |
13,974,160,519 |
|
Capital Stock |
8,400,000,000 |
8,400,000,000 |
8,400,000,000 |
|
Capital Surplus |
137,298,741,363 |
137,298,741,363 |
137,298,741,363 |
|
Profit Surplus |
(-)5,470,070,590 |
14,822,481,876 |
21,268,121,867 |
|
Capital Adjustment |
(-)20,016,237,022 |
(-)19,605,985,630 |
(-)20,017,932,002 |
|
Total Equity |
120,212,433,751 |
140,915,237,609 |
146,948,931,228 |
|
Liab. & Shareholder’s Equity |
268,847,575,577 |
262,560,912,342 |
255,156,282,308 |
|
Current
Liabilities |
135,678,518,125 |
108,258,552,031 |
94,233,190,561 |
|
Trade Payables |
5,289,319,841 |
7,688,086,375 |
6,289,183,428 |
|
Short-Term Borrowings |
118,518,334,464 |
88,520,571,285 |
68,599,853,501 |
|
Account Payables |
4,220,346,613 |
3,002,245,242 |
3,285,492,467 |
|
Accrued Expenses |
6,358,790,299 |
4,458,646,373 |
4,231,755,812 |
|
Advance Receipts |
93,999,449 |
33,396,892 |
197,529,207 |
|
Withholdings |
348,083,382 |
350,185,679 |
360,946,807 |
|
Current Portion of Long-Term
Debts |
849,644,077 |
4,205,420,185 |
11,268,429,339 |
|
Fixed
Liabilities |
12,956,623,701 |
13,387,122,702 |
13,974,160,519 |
|
Long-Term Borrowings |
229,571,510 |
523,990,244 |
3,539,715,856 |
|
Leasehold Deposit Received |
4,832,585,000 |
4,822,985,000 |
4,424,784,962 |
|
Long-Term Account Payables |
1,898,444,208 |
2,321,795,454 |
- |
|
Provision for Severance &
Retirement |
7,864,980,382 |
7,851,438,114 |
9,097,407,973 |
Income
Statement
|
Unit : Korean Won |
01/01/2008~09/30/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Sales |
155,170,395,659 |
196,021,535,366 |
195,968,501,989 |
|
Cost of Sold Goods |
146,639,223,217 |
187,476,376,888 |
189,915,122,784 |
|
Gross Profit |
8,531,172,442 |
8,545,158,478 |
6,053,379,205 |
|
Selling & Admin. Expenses |
5,049,478,537 |
7,768,133,900 |
8,607,493,001 |
|
Operating Income |
3,481,693,905 |
777,024,578 |
(-)2,554,113,796 |
|
Non-Operating Income |
5,279,944,855 |
4,306,370,097 |
15,987,568,666 |
|
Non-Operating expenses |
28,527,715,438 |
9,007,079,970 |
10,217,596,536 |
|
Ordinary Income |
(-)19,766,076,678 |
(-)3,923,685,295 |
3,215,858,334 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
(-)19,766,076,678 |
(-)3,923,685,295 |
3,215,858,334 |
|
Income Taxes Expenses |
70,687,788 |
1,952,219,696 |
(-)118,286,206 |
|
Net Income |
(-)19,836,764,466 |
(-)5,875,904,991 |
3,334,144,540 |
Cash
Flows
|
Unit : Korean Won |
01/01/2008~09/30/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Cash Flows from Operating |
(-)1,724,054,893 |
(-)8,221,155,191 |
1,748,918,390 |
|
-Net Income |
(-)19,836,764,466 |
(-)5,875,904,991 |
3,334,144,540 |
|
-Exp. without Cash Outflow |
22,755,887,918 |
11,588,599,955 |
14,043,585,798 |
|
-Revenue
without Cash Inflows |
(-)2,376,633,894 |
(-)1,314,864,764 |
(-)11,437,795,183 |
|
-Changes in
Asset/ & Liability |
(-)2,266,544,451 |
(-)12,618,985,391 |
(-)4,191,016,765 |
|
Cash Flows
from Investing |
(-)9,531,589,215 |
(-)5,555,503,956 |
19,741,352,891 |
|
-Cash Inflow
from Investing |
924,625,002 |
1,845,268,620 |
23,525,044,239 |
|
-Cash
Outflows for Investing |
(-)10,456,214,217 |
(-)7,400,772,576 |
(-)3,783,691,348 |
|
Cash Flows
from Financing |
11,478,725,697 |
11,137,771,042 |
(-)18,595,332,788 |
|
-Cash
Inflows from Financing |
314,796,013,957 |
360,159,715,979 |
312,241,339,936 |
|
-Cash
Outflows from Financing |
(-)303,317,288,260 |
(-)349,021,944,937 |
(-)330,836,672,724 |
|
Increase/Decrease in Cash |
223,081,589 |
(-)2,638,888,105 |
2,894,938,493 |
|
Cash at the Beginning of Year |
2,526,894,968 |
5,165,783,073 |
2,270,844,580 |
|
Cash at the End of Year |
2,749,976,557 |
2,526,894,968 |
5,165,783,073 |
Products, Technologies, Services
Description
|
Main
Products & Services |
Yarns Dyed Yarns Embroidery Threads Fabric Knit Brand Name : ROYAL NEW STAR |
||||||||||||||||
|
Annual
Production Capacity |
|
Trade
Partners
|
Suppliers |
SK ENERGY CO., LTD.(110111-3710385) SK BLDG., 99, SEORIN-DONG, JONGNO-GU,
SEOUL, KOREA TEL:+82-2-2121-5114 FAX:+82-2-2121-7001 |
|
Competitors |
KYUNGBANG LTD.(110111-0013287) 441-10, YEONGDEUNGPODONG 4-GA,
YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-2639-6114 FAX:+82-2-2639-6079 DONGIL CORPORATION(110111-0019219) 8TH FL., JEONG-HEON BLDG., 944-1, DAECHI
3-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-2222-3071 FAX:+82-2-2222-3280 ILSHIN SPINNING CO.,LTD(110111-0041717) ILSHIN BLDG., 15-15, YEOUIDO-DONG,
YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-3774-0114 FAX:+82-2-786-5891~3 (*) The Subject is ranked as 1st
player in domestic market share. |
Related Parties (Subsidiaries, Joint-Venture
& Affiliates)
|
Affiliates |
CHON BANG GUNZE CO., LTD.(110111-0124430) (50.0% held by the Subject Company) |
|
Overseas Office |
QINGDAO TRACON ELECTRONIC CO., LTD. |
|
Subsidiary |
CHON BANG AUTO CO., LTD.(110111-053300) (100.0% held by the Subject Company) TAO TOUR CO., LTD.(110111-3886045) (100.0% held by the Subject Company) QINGDAO TRACON ELECTRONIC CO., LTD. (100.0% held by the Subject Company) |
|
Cooperative Enterprise |
-Insured Company LIG INSURANCE CO., LTD(110111-0017859) |
Sales by
Region (Activity &
Markets)
|
Sales/ Unit :Mil KRW |
2007 |
2006 |
2005 |
|
Export |
130,821 |
115,464 |
98,842 |
|
Domestic |
65,200 |
80,504 |
85,901 |
|
Total |
196,021 |
195,968 |
184,743 |
Court
Action
There is a case filed as Defendant.
News
Clipping
--
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
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%)