MIRA INFORM REPORT
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Report Date : |
15.12.2011 |
IDENTIFICATION DETAILS
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Name : |
KOREA FOOD SERVICE CO., LTD. |
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Registered Office : |
241-6, Sinun-ri, Yeongin-myeon, Asan-si, Chungcheongnam-,do, Korea, Yeongin Agricultural Industrial Complex, Zip Code 336-823 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
13.11.1997 |
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Com. Reg. No.: |
312-81-28652 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Manufacture of Fresh or Frozen Bakery Products |
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No. of Employees
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114 persons |
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RATING & COMMENTS
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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 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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South Korea |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Basic
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Company
Name |
KOREA FOOD
SERVICE CO., LTD. (Korean Company Name : “코리아후드써비스(주)”) |
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Registered Address |
241-6, Sinun-ri, Yeongin-myeon, Asan-si,
Chungcheongnam-,do, Korea |
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Building |
Yeongin Agricultural Industrial Complex |
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Zip Code |
336-823 |
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Tel |
+82-41-539-3800 |
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Fax |
+82-41-541-9675 |
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E-mail |
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Trading Address |
Yeongin Agricultural Industrial Complex, 241-6,
Sinun-ri, Yeongin-myeon, Asan-si, Chungcheongnam-,do, Korea |
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Tel |
+82-41-539-3800 |
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Fax |
+82-41-541-9675 |
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Type |
Import |
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Industry |
Manufacture of Fresh or Frozen Bakery Products |
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Main Business |
Bread |
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Established (mm/dd/yyyy) |
11/13/1997 |
Detailed Products
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Fresh bread(50181901) |
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Buy |
Cereal flour(50221102) |
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Buy |
Edible animal fats(50151605) |
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Buy |
Baking mixes(50181708) |
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Buy |
Baking supplies(50181709) |
CEO’s
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Name |
Kim Jung-Wan |
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Address |
123-69, Bugahyeon-dong,
Seodaemun-gu, Seoul, Korea |
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Date of Birth |
03/31/2008 |
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Title |
Co-President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital (KRW) |
5,000,000,000 |
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Employees |
114 |
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Formation |
Co., Ltd by Shares Foreign Direct Investment Corporation |
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Bank Details |
Shinhan Bank-Asan Middle Market Banking
Center Nonghyup Bank |
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Corporate Registered No. |
164811-0012059 |
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Business Registered No. |
312-81-28652 |
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Permit & Licenses |
Int’l Trade No.: 21031591 |
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Shareholder Position |
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Company History |
11/13/1997 Incorporated as the present name 11/27/1997 Registered as a Foreign Direct
Investment Corporation 07/31/2011 Closed the branch Office at 2457, Myeongseong-ri,
Chodong-myeon, Miryang-si, Gyeongsangnam-do, Korea |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
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Co-President & CEO |
Mr. |
Kim Jung-Wan |
Male |
Korean |
03/31/2008 |
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Co-President & CEO |
Mr. |
Wing Backki Wong |
Male |
Malaysian |
03/08/2005 |
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Director |
Mr. |
Song Kil-Soo |
Male |
Korean |
03/08/2005 |
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Director |
Mr. |
Steven M. Brunner |
Male |
USA |
03/08/2005 |
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Director |
Mr. |
Frank Elkuchuris |
Male |
USA |
03/08/2005 |
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Director |
Mr. |
Kim An-Sub |
Male |
Korean |
06/30/2008 |
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Director |
Mr. |
Choi Dong-Wook |
Male |
Korean |
12/31/2009 |
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Director |
M/S. |
Kim Sun-Hee |
Female |
Korean |
09/09/2011 |
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Director |
Mr. |
Song Kil-Soo |
Male |
Korean |
09/09/2011 |
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Auditor |
Mr. |
Kwon Tae-Hoon |
Male |
Korean |
06/30/2011 |
Financials
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Year / Unit : KRW |
Sales |
Assets |
Net Income |
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29,443,214,438 |
22,610,097,319 |
898,622,327 |
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2009 |
30,016,654,609 |
22,466,242,139 |
1,080,173,531 |
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2008 |
26,858,550,635 |
20,565,066,659 |
697,706,868 |
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2007 |
20,206,171,567 |
20,129,388,536 |
1,153,561,267 |
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2006 |
16,158,114,311 |
19,396,480,754 |
494,976,614 |
Financial Description
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Authorized Capital(KRW) |
20,000,000,000 |
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Paid-Up Capital(KRW) |
5,000,000,000 |
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Total Issues Shares |
500,000 |
Balance
Sheet
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Total Assets |
22,610,097,319 |
22,466,242,139 |
20,565,066,659 |
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Current Assets |
14,625,038,861 |
14,100,284,543 |
11,626,318,701 |
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-Quick Assets |
14,051,257,673 |
13,511,867,278 |
11,042,274,004 |
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-Inventories |
573,781,188 |
588,417,265 |
584,044,697 |
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Fixed Assets |
7,985,058,458 |
8,365,957,596 |
8,938,747,958 |
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-Investment |
2,000,000 |
2,000,000 |
2,000,000 |
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-Tangibles |
7,492,049,319 |
7,838,807,494 |
8,415,192,476 |
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-Intangibles |
106,616,379 |
159,809,019 |
125,670,697 |
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-Others |
384,392,760 |
365,341,083 |
395,884,785 |
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Total Liabilities |
14,845,139,373 |
14,483,926,464 |
12,262,924,515 |
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Current Liabilities |
14,781,759,985 |
14,394,933,568 |
12,087,496,289 |
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Fixed Liabilities |
63,379,388 |
88,992,896 |
175,428,226 |
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Capital Stock |
5,000,000,000 |
5,000,000,000 |
5,000,000,000 |
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Capital Surplus |
285,185,000 |
285,185,000 |
285,185,000 |
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Profit Surplus |
2,595,753,002 |
2,697,130,675 |
3,016,957,144 |
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Capital Adjustment |
-115,980,056 |
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- |
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Total Equity |
7,764,957,946 |
7,982,315,675 |
8,302,142,144 |
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Liab. & Shareholder’s Equity |
22,610,097,319 |
22,466,242,139 |
20,565,066,659 |
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Current Liabilities |
14,781,759,985 |
14,394,933,568 |
12,087,496,289 |
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Trade Payables |
1,140,670,681 |
1,867,308,575 |
1,366,318,793 |
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Short-Term Borrowings |
6,700,000,000 |
6,700,000,000 |
6,700,000,000 |
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Account Payables |
5,857,627,722 |
3,765,654,768 |
3,434,345,984 |
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Withholdings |
154,020,087 |
189,170,228 |
69,568,595 |
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Accrued Expenses |
581,066,178 |
1,694,158,417 |
171,641,242 |
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Accrued Income Tax |
105,453,186 |
178,618,955 |
64,285,721 |
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Advance Receipts |
89,914,141 |
22,625 |
281,335,954 |
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Derivatives |
153,007,990 |
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- |
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Fixed Liabilities |
63,379,388 |
88,992,896 |
175,428,226 |
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Provision for Severance & Retirement |
63,379,388 |
88,992,896 |
175,428,226 |
Income
Statement
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Sales |
29,443,214,438 |
30,016,654,609 |
26,858,550,635 |
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Cost of Sold Goods |
12,449,278,183 |
12,939,854,651 |
10,630,200,954 |
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Gross Profit |
16,993,936,255 |
17,076,799,958 |
16,228,349,681 |
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Selling & Admin. Expenses |
15,697,455,518 |
15,536,928,543 |
14,907,061,500 |
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Operating Income |
1,296,480,737 |
1,539,871,415 |
1,321,288,181 |
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Non-Operating Income |
186,022,762 |
178,757,171 |
284,454,213 |
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Non-Operating Expenses |
347,691,273 |
366,629,172 |
582,632,917 |
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Ordinary Income |
1,134,812,226 |
1,351,999,414 |
1,023,109,477 |
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Special Income |
- |
- |
- |
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Income Before Taxes |
1,134,812,226 |
1,351,999,414 |
1,023,109,477 |
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Income Taxes Expenses |
236,189,899 |
271,825,883 |
325,402,609 |
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Net Income |
898,622,327 |
1,080,173,531 |
697,706,868 |
Cash
Flows
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Cash Flows from Operating |
3,135,993,373 |
4,514,726,769 |
3,428,395,834 |
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-Net Income |
898,622,327 |
1,080,173,531 |
697,706,868 |
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-Exp.
without Cash Outflow |
1,473,690,130 |
1,473,586,112 |
1,507,244,494 |
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-Revenue
without Cash Inflows |
-5,593,095 |
-48,961,312 |
-139,715,756 |
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-Changes in
Asset/ & Liability |
769,274,011 |
2,009,928,438 |
1,363,160,228 |
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Cash Flows
from Investing |
-546,397,604 |
-375,527,884 |
-448,172,192 |
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-Cash Inflow
from Investing |
7,206,998 |
5,758,183 |
7,073,167 |
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-Cash
Outflows for Investing |
-553,604,602 |
-381,286,067 |
-455,245,359 |
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Cash Flows
from Financing |
-1,000,000,000 |
-1,400,000,000 |
-1,500,000,000 |
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-Cash
Inflows from Financing |
- |
- |
- |
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-Cash
Outflows from Financing |
-1,000,000,000 |
-1,400,000,000 |
-1,500,000,000 |
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Increase/Decrease
in Cash |
1,589,595,769 |
2,739,198,885 |
1,480,223,642 |
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Cash at the
Beginning of Year |
11,992,462,045 |
9,253,263,160 |
7,773,039,518 |
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Cash at the End of Year |
13,582,057,814 |
11,992,462,045 |
9,253,263,160 |
Products, Technologies, Services Description
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Main Products & Services |
Bread |
Trade Partners & Competitors
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Customers |
MACDONALD KOREA CO., LTD.(110114-0066280) |
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Competitors |
CROWN CONFECTIONERY CO., LTD. 131-1, NAMYEONG-DONG, YONGSAN-GU, SEOUL,
KOREA TEL:+82-2-791-9133 FAX:+82-2-791-9119 OHSUNG CO., LTD. 180-4, ONCHEON 1-DONG, DONGNAE-GU, BUSAN,
KOREA TEL:+82-51-556-0561 FAX:+82-51-552-2168 CHOSUN HOTEL BAKERY CO., LTD. 623-2, EOPSEONG-DONG, SEOBUK-GU,
CHEONAN-SI, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-629-9191 FAX:+82-41-568-8543 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
MAEIL DAIRY INDUSTRY CO., LTD.(110111-0099609) KEYSTONE FOODS LLC EAST BALT INC. |
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Corporate Ownership |
MAEIL DAIRY INDUSTRY CO.,
LTD.(110111-0099609) |
Sales by Region
(Activity & Markets)
The Subject imports
from USA.
Court Action
No.
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.58 |
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UK Pound |
1 |
Rs.82.97 |
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Euro |
1 |
Rs.69.89 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.