MIRA
INFORM REPORT
|
Report Date : |
13.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TAIHAN TEXTILE CO., LTD. |
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Registered Office : |
13th Fl., Taihan Bldg., 25,
Yeouido-dong, Yeongdeungpo-gu, Seoul 150-878 |
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Country : |
Korea |
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Financials (as on) : |
30.09.2008 |
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Date of Incorporation : |
10.08.1953 |
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Com. Reg. No.: |
116-81-33353 |
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Legal Form : |
Listed Company |
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Line of Business : |
Cotton of Spinning |
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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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Basic
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Company
Name |
TAIHAN TEXTILE
CO., LTD. (Korean Company
Name :”대한방직”) |
|
Registered Address |
25, Yeouido-dong, Yeongdeungpo-gu, Seoul,
Korea |
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Building |
13th Fl., Taihan Bldg. |
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Zip Code |
150-878 |
|
Tel |
+82-2-368-0114 |
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Fax |
+82-2-368-0461~2 |
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E-mail |
hoon74@thtc.co.kr |
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Website |
www.thtc.co.kr |
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Trading Address |
13th Fl., Daehan Bldg., 25, Yeouido-dong,
Yeongdeungpo-gu, Seoul, Korea(P.O.BOX 145) |
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Tel |
+82-2-368-0114 |
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Fax |
+82-2-368-0461~2 |
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Other Address-Jeonju Factory |
151, Hyojadong 3-ga, Wansan-gu, Jeonju-si,
Jeollabuk-do, Korea |
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Tel |
+82-63-222-7121~5 |
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Fax |
+82-62-222-1142 |
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Other Address-Daegu Factory |
1900, Bisan 7-dong, Seo-gu, Daegu, Korea |
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Tel |
+82-53-720-4400 |
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Fax |
+82-53-720-4401 |
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Other Address-Daegu Office |
20, Chilseongdong 2-ga, Buk-gu, Daegu, Korea |
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Tel |
+82-53-213-5000 |
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Fax |
+82-53-720-4410 |
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Type |
Export/Import |
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Industry |
Cotton of Spinning |
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Main Business |
Cotton Yarn, Chemical Yarn, Blended Spun Yarn, Chemical Fabrics |
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Sub Business |
Wholesale of Textiles |
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Established (mm/dd/yyyy) |
08/10/1953 |
The Subject owns the
premises of Jeonju Factory(221,124m2), Daegu Factory(49,392m2) and Daegu
Office(4,777m2).
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Fabrics and leather materials(11160000) |
|
Sell |
Knit synthetic fabrics(11161804) |
|
Sell |
Specialty fabrics or cloth(11162100) |
|
Sell |
Synthetic fabrics(11161800) |
|
Buy |
Yarns(11151700) |
|
Buy |
Cotton yarn(11151702) |
|
Buy |
Polyester yarn(11151703) |
|
Buy |
Rayon fibers(11151506) |
CEO’s
|
Name |
Sull Bum |
|
Date of Birth |
03/05/1958 |
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Title |
Chairman & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital |
5,300,000,000 KRW |
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Employees |
667 |
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Formation |
Listed Company (Korea Stock Exchange : 001070) as of 12/28/1973 A Company of TAIHAN TEXTILE CO., LTD. |
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Bank Details |
Hana Bank-Securities Town Branch Woori Bank Kookmin Bank Daegu Bank |
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Corporate Registered No. |
110111-0019350 |
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Business Registered No. |
116-81-33353 |
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Permit & Licenses |
07/26/2001ISO9002 Int’l Trade No.: 673286 |
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Shareholder Position |
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Company History |
08/10/1953 Incorporated as the present name 06/1987 Acquired Taihan Total Development
Co., Ltd. 01/2002 Sold the Subject’s HQ office
building to KORAMCO REITS MGT & TRUST CO.,LTD(110111-2359837) |
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The Subject Company
is a Korea-based company engaged in the textile industry. The Company provides
its products under two categories: yarns under the brand name WHITE HORSE and
fabrics under the brand name Rainbow. Its yarns include melange yarns, cotton
yarns and mixed yarns used in trousers, shirts and other related products. Its
fabrics include dobby, jacquard and rayon fabrics, which are used in shirts and
blouses; stretch fabrics, ultraviolet ray cut fabrics, permanent crease
fabrics, bio-treatment enzyme finished cotton fabrics, and others for jackets
and pants; functional aromatic, phosphorescent and schreiner finish fabrics and
fancy fabrics for underwear; fabrics designed and processed for military
uniforms; bedding fabrics, and quilts.
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Chairman & CEO |
Mr. |
Sull Bum |
Korean |
1958.03.05 |
Yonsei University |
|
President & CEO |
Mr. |
Lee Nam-Suck |
Korean |
1964.08.15 |
MBA of New York University, Yonsei University |
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Director |
Mr. |
Sull Young-Ki |
Korean |
1964.08.02 |
Chungang University |
|
Outside Director |
Mr. |
Jewel Kesberg |
USA |
1960.10.27 |
Ph.d., of UCLA |
|
Auditor |
Mr. |
Jung Won-Kil |
Korean |
1939.01.31 |
Yonsei University |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
243,340,902,864 |
209,507,187,415 |
(-)9,927,790,894 |
|
|
2006 |
244,836,984,723 |
212,112,362,129 |
(-)4,386,600,009 |
|
2005 |
236,487,648,720 |
224,000,230,297 |
39,107,095,790 |
|
2004 |
234,032,552,123 |
198,232,597,700 |
7,241,659,034 |
|
2003 |
236,205,168,557 |
219,513,337,407 |
14,500,298,141 |
Financial Description
Unit: KRW
|
Authorized
Capital |
20,000,000,000 |
|
Paid-Up
Capital |
5,300,000,000 |
|
Total Issues Shares |
1,060,000 |
Balance
Sheet
|
Unit : Korean Won |
01/01/2008~09/30/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Total Assets |
248,809,717,532 |
209,507,187,415 |
212,112,362,129 |
|
Current Assets |
124,993,432,947 |
79,136,738,351 |
85,483,756,305 |
|
-Quick Assets |
82,535,273,186 |
43,626,636,707 |
60,059,683,548 |
|
-Inventories |
42,458,159,761 |
35,510,101,644 |
25,424,072,757 |
|
Fixed Assets |
123,816,284,585 |
130,370,449,064 |
126,628,605,824 |
|
-Investment |
17,122,783,133 |
16,702,816,580 |
11,219,551,227 |
|
-Tangibles |
104,853,565,981 |
112,384,142,408 |
114,261,719,543 |
|
-Intangibles |
5,246,400 |
9,413,071 |
16,568,541 |
|
-Others |
1,834,689,071 |
1,274,077,005 |
1,130,766,513 |
|
Total Liabilities |
144,180,300,162 |
99,886,023,140 |
93,743,731,685 |
|
Current Liabilities |
106,009,630,391 |
70,079,719,449 |
78,082,080,191 |
|
Fixed Liabilities |
38,170,669,771 |
29,806,303,691 |
15,661,651,494 |
|
Capital Stock |
5,300,000,000 |
5,300,000,000 |
5,300,000,000 |
|
Capital Surplus |
25,249,447,528 |
25,249,447,528 |
25,249,447,528 |
|
Profit Surplus |
70,035,696,136 |
77,452,636,606 |
87,380,427,500 |
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Capital Adjustment |
4,044,273,706 |
1,619,080,141 |
438,755,416 |
|
Total Equity |
104,629,417,370 |
109,621,164,275 |
118,368,630,444 |
|
Liab. & Shareholder’s Equity |
248,809,717,532 |
209,507,187,415 |
212,112,362,129 |
|
Current
Liabilities |
106,009,630,391 |
70,079,719,449 |
78,082,080,191 |
|
Current Portion of Long-Term
Debts |
336,846,600 |
7,450,673,630 |
22,448,720,030 |
|
Trade Payables |
19,122,915,131 |
14,010,011,137 |
8,679,404,918 |
|
Short-Term Borrowings |
77,103,962,295 |
39,526,388,291 |
34,409,682,664 |
|
Account Payables |
4,940,179,070 |
5,228,509,286 |
8,298,885,721 |
|
Advance Receipts |
908,680,137 |
581,208,451 |
539,246,511 |
|
Withholdings |
120,057,190 |
140,065,530 |
150,003,940 |
|
Guarantee Deposit Received |
1,458,126,457 |
1,412,926,457 |
2,089,085,657 |
|
Accrued Expenses |
2,009,892,771 |
1,729,615,947 |
1,497,737,394 |
|
Accrued Income Tax |
8,650,020 |
- |
- |
|
Accrued Dividends |
320,720 |
320,720 |
320,720 |
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Fixed
Liabilities |
38,170,669,771 |
29,806,303,691 |
15,661,651,494 |
|
Long-Term Borrowings |
33,153,412,700 |
24,352,404,070 |
9,369,744,370 |
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Provision for Severance &
Retirement |
5,750,924,000 |
5,932,159,320 |
6,505,712,580 |
|
Leasehold Deposit Received |
1,391,660,000 |
1,546,660,000 |
1,385,860,000 |
|
Deferred Income Tax Credit |
- |
823,957,158 |
2,108,208,242 |
Income
Statement
|
Unit : Korean Won |
01/01/2008~09/30/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Sales |
211,925,159,798 |
243,340,902,864 |
244,836,984,723 |
|
Cost of Sold Goods |
199,841,066,617 |
230,956,320,215 |
230,862,500,238 |
|
Gross Profit |
12,084,093,181 |
12,384,582,649 |
13,974,484,485 |
|
Selling & Admin. Expenses |
10,354,590,521 |
15,682,796,624 |
12,850,428,325 |
|
Operating Income |
1,729,502,660 |
(-)3,298,213,975 |
1,124,056,160 |
|
Non-Operating Income |
13,294,282,180 |
4,851,946,424 |
7,336,960,416 |
|
Non-Operating expenses |
23,789,125,615 |
13,416,179,350 |
14,320,956,432 |
|
Ordinary Income |
(-)8,765,340,775 |
(-)11,862,446,901 |
(-)5,859,939,856 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
(-)8,765,340,775 |
(-)11,862,446,901 |
(-)5,859,939,856 |
|
Income Taxes Expenses |
(-)1,348,400,305 |
(-)1,934,656,007 |
(-)1,473,339,847 |
|
Net Income |
(-)7,416,940,470 |
(-)9,927,790,894 |
(-)4,386,600,009 |
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 |
(-)11,903,049,987 |
(-)7,268,503,609 |
(-)730,668,638 |
|
-Net Income |
(-)7,416,940,470 |
(-)9,927,790,894 |
(-)4,386,600,009 |
|
-Exp. without Cash Outflow |
15,078,854,658 |
13,153,702,397 |
9,682,664,909 |
|
-Revenue
without Cash Inflows |
(-)8,532,300,295 |
(-)1,083,203,437 |
(-)1,111,993,036 |
|
-Changes in
Asset/ & Liability |
(-)11,032,663,880 |
(-)9,411,211,675 |
(-)4,914,740,502 |
|
Cash Flows from
Investing |
5,367,256,759 |
(-)2,641,131,476 |
(-)36,951,516,144 |
|
-Cash Inflow
from Investing |
8,663,762,629 |
11,846,368,126 |
1,608,048,940 |
|
-Cash
Outflows for Investing |
(-)3,296,505,870 |
(-)14,487,499,602 |
(-)38,559,565,084 |
|
Cash Flows from
Financing |
17,255,181,600 |
(-)438,114,554 |
(-)8,650,736,526 |
|
-Cash
Inflows from Financing |
24,568,000,000 |
15,000,000,000 |
318,000,000 |
|
-Cash
Outflows from Financing |
(-)7,312,818,400 |
(-)15,438,114,554 |
(-)8,968,736,526 |
|
Increase/Decrease
in Cash |
10,719,388,372 |
(-)10,347,749,639 |
(-)46,332,921,308 |
|
Cash at the
Beginning of Year |
1,969,155,365 |
12,316,905,004 |
58,649,826,312 |
|
Cash at the End of Year |
12,688,543,737 |
1,969,155,365 |
12,316,905,004 |
Products, Technologies, Services
Description
|
Main
Products & Services |
Yarn -Melange Yarn -Cotton Yarn -Combined Yarn Textiles -Super Silky -Shape Memory -Mixture Fabric -Lyocell Fabric -Compact Yarn Fabric New Materials -Pill-Free -Bamboo Yarn -Soybean Yarn Brand Name : Melanors,
Baikma, Rainbow |
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|
Annual
Production Capacity (Unit: Ton,
Km) |
|
Trade
Partners
|
Competitors |
CHONBANG CO., LTD.(110111-0005664) 12~13TH FI., CHUNGJEONG TOWER BLDG., 464,
CHUNGJEONGNO 3-GA, SEODAEMUN-GU, SEOUL, KOREA TEL:+82-2-2122-6000 FAX:+82-2-392-3923 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 |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Overseas Branch |
DAEWON TEXTILE(QINGDAO) CO., LTD-CHINA TEL:+86 532-8859-9621~2 FAX:+86
532-8859-9627 |
|
Subsidiary |
DAEWON TEXTILE(QINGDAO) CO., LTD-CHINA (95.00% held by the subject company) TEL:+86 532-8859-9621~2 FAX:+86
532-8859-9627 DAEWON DYEING(QINGDAO) CO., LTD-CHINA (100.00% held by the subject company) CHARLES NOLAN APPAREL,LLC (100.00% held by the subject company) PT.TAIHAN INDONESIA (99.00% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO.,
LTD(110111-0013328) |
Sales by
Region (Activity &
Markets)
|
Sales/ Unit :Mil KRW |
2007 |
2006 |
2005 |
|
Export |
170,291 |
167,594 |
157,585 |
|
Domestic |
71,433 |
75,582 |
77,268 |
|
Others |
1,617 |
1,661 |
1,635 |
|
Total |
243,341 |
244,837 |
236,488 |
The Subject Company
deals with the companies in China, USA and Europe. It imports from USA and
Germany.
Court
Action
No.
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%)