MIRA
INFORM REPORT
|
Report Date : |
12.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SEO KWANG
TRADING CO., LTD. |
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Registered Office : |
1304-3, Bisan 7-dong, Seo-gu, Daegu – 703-824 |
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Country : |
Korea (South) |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
14.12.1993 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacture of Man-Made Fiber Fabrics |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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
|
Company
Name |
SEO KWANG TRADING CO., LTD. |
|
Registered Address |
1304-3, Bisan 7-dong, Seo-gu, Daegu, Korea |
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Building |
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Zip Code |
703-824 |
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Tel |
+82-53-354-5841 |
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Fax |
+82-53-353-7846 |
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E-mail |
agatex@ktnet.co.kr;skagatax@chollian.net |
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Website |
www.agatex.co.kr |
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Trading Address |
Rm.802.
Newseoul B/D., 62-7, Chungmuro 2-ga, Jung-gu, Seoul, Korea |
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Tel |
+82-2-775-6151 |
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Fax |
+82-2-775-3516 |
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Other Address- Ihyeon Factory |
1026-1, Jungni-dong, Seo-gu, Daegu, Korea |
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Tel |
+82-53-551-5841 |
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Fax |
+82-53-551-5844 |
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Other Address- Seongju 1 Factory |
1542, Jangsan-ri, Wolhang-myeon, Seongju-gun,
Gyeongbuk, Korea |
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Tel |
+82-54-931-6114 |
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Fax |
+82-54-931-6116 |
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Other Address- Seongju 2 Factory |
1533, Jangsan-ri, Wolhang-myeon, Seongju-gun,
Gyeongbuk, Korea |
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Tel |
+82-54-931-7117 |
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Fax |
+82-54-931-7118 |
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Type |
Export |
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Industry |
Manufacture of Man-Made Fiber Fabrics |
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Main Business |
Polyester Woven Fabrics |
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Established (mm/dd/yyyy) |
12/14/1993 |
Mr. Kim Tae-Kyoon owns
the premises of registered HQ address, and the Subject Company owns the
premises of Ihyeon Factory (1,648.0㎡) and Seongju 1 Factory(7,704.9㎡).
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Synthetic fabrics(11161800) |
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Sell |
Synthetic fabrics(11161800) |
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Buy |
Pallets(24112505) |
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Buy |
Spandex thread(11151611) |
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Buy |
Tags(55121500) |
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Buy |
Packaging boxes(24121503) |
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Buy |
Polyester thread(11151603) |
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Buy |
Threads(11151600) |
|
Buy |
Pallets(24112505) |
CEO’s
|
Name |
Kim Tae-Kyoon |
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Address |
230-10, Yongsan-dong, Dalseo-gu, Daegu, Korea |
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Date of Birth |
01/19/1950 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital |
2,000,000,000 KRW |
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Employees |
195 |
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Formation |
Co., Ltd by shares Venture Business |
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Bank Details |
Daegu Bank-Paldal Branch Citi Bank, Korea Korea Exchange Bank Kookmin Bank |
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Corporate Registered No. |
175111-0002332 |
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Business Registered No. |
510-81-05627 |
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Permit & Licenses |
Int’l Trade No.: 13009713 |
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Shareholder Position |
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Company History |
12/14/1993
Incorporated as the present name 11/1994
Awarded Order of Export Merit from Prime Minister 01/1996
Constructed head office building in Taegu 03/1996
Established Lee Hyun Dyeing Factory 06/1997
Awarded "Samoodang" Prize of Korean Textile Promotion 02/1998
Selected Promising Small ^ Medium Sized Company for export 10/1999
Selected "New Millenium Leading Company" by Taegu city 11/1999
Acknowledged as a Venture Company in the field of textile by Korean
Small & Medium Business Administration 12/1999
Awarded National Order of Steel Tower for its merits in industry 12/2000
Selected "Highly Competitive Company of New Technology by Korean
Small & Medium Business Administration 12/2000
Achieved USD $ 50,000,000 of export 12/2000
President's Prize Awarded to CEO ; "a Man of Neo -
Knowledge" 12/2006
Designated as a Venture Business |
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The Subject Company is producing various kinds of high value-added
fabrics using synthetic, blend & natural yarns.
Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
|
President & CEO |
Mr. |
Kim Tae-Kyoon |
Male |
Korean |
12/14/1993 |
|
Director |
Mr. |
Chae Won-Ki |
Male |
Korean |
12/14/1999 |
|
Director |
Mr. |
Kim Moo-Kap |
Male |
Korean |
12/14/1999 |
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Auditor |
M/S. |
Chae Ja-Hee |
Female |
Korean |
06/08/2001 |
Financials Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
23,821,398,900 |
22,910,208,878 |
258,185,832 |
|
|
2005 |
26,162,498,575 |
18,682,425,710 |
419,910,477 |
|
2004 |
39,777,028,683 |
18,480,141,095 |
718,426,071 |
|
2003 |
41,894,868,159 |
20,748,757,309 |
428,573,559 |
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2002 |
42,536,310,235 |
21,481,638,167 |
185,944,487 |
Financial
Description Unit: KRW
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Authorized
Capital |
5,000,000,000 |
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Paid-Up
Capital |
2,000,000,000 |
|
Total Issues Shares |
200,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Total Assets |
22,910,208,878 |
18,682,425,710 |
18,480,141,095 |
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Current Assets |
17,897,046,874 |
13,453,371,862 |
13,636,003,507 |
|
-Quick Assets |
7,136,133,477 |
5,108,626,844 |
5,276,758,398 |
|
-Inventories |
10,760,913,397 |
8,344,745,018 |
8,359,245,109 |
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Fixed Assets |
5,013,162,004 |
5,229,053,848 |
4,844,137,588 |
|
-Investment |
339,814,000 |
307,922,165 |
241,922,350 |
|
-Tangibles |
4,673,348,004 |
4,921,131,683 |
4,602,215,238 |
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-Intangibles |
- |
- |
- |
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Total Liabilities |
15,724,026,644 |
11,754,429,308 |
11,972,055,170 |
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Current Liabilities |
15,612,437,523 |
11,725,889,978 |
11,770,163,025 |
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Fixed Liabilities |
111,589,121 |
28,539,330 |
201,892,145 |
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Capital Stock |
2,000,000,000 |
2,000,000,000 |
2,000,000,000 |
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Capital Surplus |
- |
- |
- |
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Profit Surplus |
5,186,182,234 |
4,927,996,402 |
4,508,085,925 |
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Capital Adjustment |
- |
- |
- |
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Total Equity |
7,186,182,234 |
6,927,996,402 |
6,508,085,925 |
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Liab. & Shareholder’s Equity |
22,910,208,878 |
18,682,425,710 |
18,480,141,095 |
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Current
Liabilities |
15,612,437,523 |
11,725,889,978 |
11,770,163,025 |
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Trade Payables |
1,891,564,687 |
1,001,935,043 |
1,795,615,266 |
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Short-Term Borrowings |
11,894,400,000 |
9,405,400,000 |
8,371,000,000 |
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Accrued Expenses |
1,616,427,275 |
1,102,702,824 |
1,306,357,981 |
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Withholdings |
4,437,545 |
6,534,893 |
9,107,365 |
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Advance Receipts |
112,443,456 |
16,423,314 |
50,311,716 |
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Accrued Income Tax |
64,625,230 |
135,471,784 |
180,348,577 |
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Current Portion of Long-Term Debts |
28,539,330 |
57,422,120 |
57,422,120 |
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Fixed
Liabilities |
111,589,121 |
28,539,330 |
201,892,145 |
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Long-Term Borrowings |
- |
26,000,000 |
78,000,000 |
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Provision for Severance & Retirement |
168,204,205 |
251,203,372 |
336,477,456 |
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Long-Term Account Payables |
- |
2,539,330 |
7,961,450 |
Income
Statement
|
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Sales |
23,821,398,900 |
26,162,498,575 |
39,777,028,683 |
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Cost of Sold Goods |
19,279,798,255 |
21,567,724,106 |
31,622,990,121 |
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Gross Profit |
4,541,600,645 |
4,594,774,469 |
8,154,038,562 |
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Selling & Admin. Expenses |
3,897,353,301 |
4,470,116,733 |
6,819,952,864 |
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Operating Income |
644,247,344 |
124,657,736 |
1,334,085,698 |
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Non-Operating Income |
612,108,532 |
1,835,735,584 |
1,083,943,458 |
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Non-Operating expenses |
907,873,154 |
1,370,240,839 |
1,410,153,640 |
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Ordinary Income |
348,482,722 |
590,152,481 |
1,007,875,516 |
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Special Income |
- |
- |
- |
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Income Before Taxes |
348,482,722 |
590,152,481 |
1,007,875,516 |
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Income Taxes Expenses |
90,296,890 |
170,242,004 |
289,449,445 |
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Net Income |
258,185,832 |
419,910,477 |
718,426,071 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Cash Flows from Operating |
(-)1,112,965,059 |
518,920,108 |
(-)88,631,429 |
|
-Net Income |
258,185,832 |
419,910,477 |
718,426,071 |
|
-Exp. without Cash Outflow |
659,739,610 |
696,932,172 |
1,129,709,442 |
|
-Revenue without Cash Inflows |
(-)58,769,987 |
(-)18,288,833 |
(-)46,734,842 |
|
-Changes in Asset/ & Liability |
(-)1,972,120,514 |
(-)579,633,708 |
(-)1,890,032,100 |
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Cash Flows from Investing |
25,137,701 |
(-)889,314,422 |
2,135,068,423 |
|
-Cash Inflow from Investing |
9,600,994,351 |
6,210,194,383 |
10,790,551,370 |
|
-Cash Outflows for Investing |
(-)9,575,856,650 |
(-)7,099,508,805 |
(-)8,655,482,947 |
|
Cash Flows from Financing |
2,431,577,880 |
976,977,880 |
(-)1,877,622,120 |
|
-Cash Inflows from Financing |
19,468,350,000 |
18,022,739,000 |
50,331,200,000 |
|
-Cash Outflows from Financing |
(-)17,036,772,120 |
(-)17,045,761,120 |
(-)52,208,822,120 |
|
Increase/Decrease in Cash |
1,343,750,522 |
606,583,566 |
168,814,874 |
|
Cash at the Beginning of Year |
1,135,384,086 |
528,800,520 |
359,985,646 |
|
Cash at the End of Year |
2,479,134,608 |
1,135,384,086 |
528,800,520 |
Products, Technologies, Services
Description
|
Main
Products & Services |
Polyester fabrics of high fashion & function, woven with various
kinds of specific yarns, which have the stretch effect,
multi-twisting/covering, fancy knots, boucles, slubs, composites & etc. Brand Name: AGATEX |
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%)