MIRA INFORM
REPORT
|
Report Date : |
15.01.2011 |
IDENTIFICATION DETAILS
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Name : |
FREIND CO., LTD. |
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Formerly Known As : |
TST CO., LTD. |
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Registered Office : |
1489-1, Songjeong-dong, Gangseo-gu, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
06.03.2003 |
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Com. Reg. No.: |
606-81-79885 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Manufacture of Boards for Electric Control or Distribution |
RATING & COMMENTS
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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 : |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 |
FREIND CO., LTD. (Korean Company
Name : “(주)친구”) |
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Registered Address |
1489-1, Songjeong-dong, Gangseo-gu, |
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Zip Code |
618-817 |
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Tel |
+82-51-831-9456 |
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Fax |
+82-51-831-9457 |
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E-mail |
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Website |
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Trading Address |
1489-1, Songjeong-dong, Gangseo-gu, |
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Tel |
+82-51-831-9456 |
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Fax |
+82-51-831-9457 |
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Other Address-Noksan Factory |
1500-12, Songjeong-dong, Gangseo-gu, |
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Type |
Export/Import |
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Industry |
Manufacture of Boards for Electric Control or Distribution |
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Main Business |
Cable Tray Special Coaming Electric Equipment |
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Established (mm/dd/yyyy) |
03/06/2003 |
The Subject owns
the premises of registered HQ address.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Cable trays(39121201) |
|
Sell |
Heavy equipment components(22101700) |
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Sell |
Valves(40141600) |
CEO’s
|
Name |
Lee Tae-Gyu |
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Address |
Suite 103-1503, 1209, Yongwon-dong,
Jinhae-gu, Changwon-si, |
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Date of Birth |
02/12/1956 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital (KRW) |
1,300,000,000 |
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Employees |
43 |
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Formation |
Co., Ltd by Shares Venture Business |
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Bank Details |
Busan Bank Industrial Bank of |
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Corporate Registered No. |
180111-0441848 |
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Business Registered No. |
606-81-79885 |
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Permit & Licenses |
2002 ISO 9001 Int’l Trade No.: 30669723 |
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Shareholder Position |
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Company History |
03/06/2003 Incorporated as TST CO., LTD. 06/21/2007 Changed company name to the
present name 09/01/2010 Moved to the present HQ address
from 1489-1, Songjeong-dong, Gangseo-gu, 12/18/2008 Increased the authorized shares to 520,000 shares from
120,000 shares 12/19/2008 Increased capital to 1,300,000,000 KRW from 300,000,000 KRW 11/30/2010 Acquired DONGWON MENIX CO., LTD.(180111-0560408) |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Lee Tae-Gyu |
Male |
Korean |
02/15/2007 |
|
Director |
Mr. |
Lee Woo-Gap |
Male |
Korean |
03/06/2006 |
|
Director |
Mr. |
Lee Woo-Sang |
Male |
Korean |
12/18/2008 |
|
Auditor |
Mr. |
Kim Ok-Kyung |
Male |
Korean |
03/06/2006 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
5,425,035,416 |
23,512,200,876 |
(-)2,609,360,642 |
|
|
2008 |
12,125,239,805 |
25,503,743,427 |
110,798,147 |
|
2007 |
11,018,983,273 |
10,701,410,419 |
352,657,264 |
Financial Description
|
Authorized Capital(KRW) |
5,200,000,000 |
|
Paid-Up Capital(KRW) |
1,300,000,000 |
|
Total Issues Shares |
130,000 |
Balance Sheet
|
Unit : Korean Won |
As of 12/31/2009 |
As of 12/31/2008 |
As of 12/31/2007 |
|
Total Assets |
23,512,200,876 |
25,503,743,427 |
10,701,410,419 |
|
Current Assets |
2,617,041,620 |
6,923,213,121 |
2,992,713,488 |
|
-Quick Assets |
2,309,342,109 |
4,489,888,353 |
2,915,128,418 |
|
-Inventories |
307,699,511 |
2,433,324,768 |
77,585,070 |
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Fixed Assets |
20,895,159,256 |
18,580,530,306 |
7,708,696,931 |
|
-Investment |
6,456,152,455 |
7,444,763,789 |
2,695,000,000 |
|
-Tangibles |
7,826,243,180 |
7,757,658,126 |
4,795,966,751 |
|
-Intangibles |
6,398,073,441 |
3,158,418,211 |
- |
|
-Others |
214,690,180 |
219,690,180 |
217,730,180 |
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Total Liabilities |
16,745,940,044 |
16,128,121,953 |
9,061,107,092 |
|
Current Liabilities |
16,183,135,387 |
15,821,988,583 |
8,933,700,923 |
|
Fixed Liabilities |
562,804,657 |
306,133,370 |
127,406,169 |
|
Capital Stock |
1,300,000,000 |
1,300,000,000 |
300,000,000 |
|
Capital Surplus |
- |
- |
- |
|
Profit Surplus |
-1,158,259,168 |
1,451,101,474 |
1,340,303,327 |
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Capital Adjustment |
6,624,520,000 |
6,624,520,000 |
- |
|
Total Equity |
6,766,260,832 |
9,375,621,474 |
1,640,303,327 |
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Liab. & Shareholder’s Equity |
23,512,200,876 |
25,503,743,427 |
10,701,410,419 |
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Current
Liabilities |
16,183,135,387 |
15,821,988,583 |
8,933,700,923 |
|
Trade Payables |
1,162,523,042 |
2,373,694,669 |
1,018,495,583 |
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Account Payables |
28,044,882 |
34,101,030 |
16,603,086 |
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Withholdings |
3,025,630 |
2,680,580 |
14,845,750 |
|
VAT Withhold |
- |
231,867,587 |
788,744 |
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Short-Term Borrowings |
14,835,019,708 |
12,911,341,639 |
7,741,938,780 |
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Advance Receipts |
- |
- |
1,436,000 |
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Accrued Income Tax |
- |
107,844,840 |
40,389,540 |
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Accrued Expenses |
154,522,125 |
160,458,238 |
99,203,440 |
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Fixed
Liabilities |
562,804,657 |
306,133,370 |
127,406,169 |
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Long-Term Borrowings |
200,000,000 |
200,000,000 |
- |
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Leasehold Deposit Received |
200,000,000 |
- |
- |
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Provision for Severance & Retirement |
174,566,417 |
117,451,726 |
138,096,804 |
Income Statement
|
Unit : Korean Won |
As of 12/31/2009 |
As of 12/31/2008 |
As of 12/31/2007 |
|
Sales |
5,425,035,416 |
12,125,239,805 |
11,018,983,273 |
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Cost of Sold Goods |
5,788,171,683 |
9,142,733,594 |
9,378,047,228 |
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Gross Profit |
363,136,267 |
-2,982,506,211 |
1,640,936,045 |
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Selling & Admin. Expenses |
609,641,606 |
984,324,010 |
823,664,038 |
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Operating Income |
972,777,873 |
-1,998,182,201 |
817,272,007 |
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Non-Operating Income |
225,049,675 |
148,173,221 |
26,277,774 |
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Non-Operating Expenses |
1,861,632,444 |
1,916,927,985 |
366,714,727 |
|
Ordinary Income |
-2,609,360,642 |
229,427,437 |
476,835,054 |
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Special Income |
|
|
|
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Income Before Taxes |
-2,609,360,642 |
229,427,437 |
476,835,054 |
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Income Taxes Expenses |
- |
118,629,290 |
124,177,790 |
|
Net Income |
-2,609,360,642 |
110,798,147 |
352,657,264 |
Cash Flows
|
Unit : Korean Won |
As of 12/31/2009 |
As of 12/31/2008 |
As of 12/31/2007 |
|
Cash Flows from Operating |
1,515,672,757 |
-949,082,492 |
375,591,747 |
|
-Net Income |
-2,609,360,642 |
110,798,147 |
352,657,264 |
|
-Exp. without Cash Outflow |
1,217,704,542 |
1,044,179,752 |
283,458,898 |
|
-Revenue without Cash Inflows |
-27,778,951 |
-103,781,359 |
-10,127,947 |
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-Changes in Asset/ & Liability |
2,935,107,808 |
-2,000,279,032 |
-250,396,468 |
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Cash Flows from Investing |
-3,641,123,962 |
-5,446,199,589 |
-6,370,868,559 |
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-Cash Inflow from Investing |
1,351,437,415 |
12,173,252,080 |
2,799,378,520 |
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-Cash Outflows for Investing |
-4,992,561,377 |
-17,619,451,669 |
-9,170,247,079 |
|
Cash Flows from Financing |
2,123,678,069 |
6,369,402,859 |
4,886,134,912 |
|
-Cash Inflows from Financing |
16,326,019,708 |
15,447,238,324 |
8,020,490,334 |
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-Cash Outflows from Financing |
-14,202,341,639 |
-9,077,835,465 |
-3,134,355,422 |
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Increase/Decrease in Cash |
-1,773,136 |
-25,879,222 |
-1,109,141,900 |
|
Cash at the Beginning of Year |
2,084,096 |
27,963,318 |
1,137,105,218 |
|
Cash at the End of Year |
310,960 |
2,084,096 |
27,963,318 |
Products, Technologies, Services Description
|
Main Products & Services |
Exhaust Valve Spindle Cable Tray |
Trade Partners & Competitors
|
Customers |
HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD.(205411-0003915) HYUNDAI MIPO DOCKYARD CO., LTD.(181211-0000526) HYUNDAI HEAVY INDUSTRIES CO., LTD.(181211-0000386) |
|
Competitors |
DONG SUNG JIN HEUNG CO., LTD. 630-88, JEONGOK-RI, SEOSIN-MYEON,
HWASEONG-SI, TEL:+82-31-357-2792 FAX:+82-31-357-9575~6 SAMJIN PRECISION INDUSTRY CO. 1495-3, SONGJEONG-DONG, GANGSEO-GU, TEL:+82-51-831-3800 FAX:+82-51-831-3803 SHINJEUNG MACHINERY CO., LTD. 764-7, YEHYEON-RI, GUJI-MYEON,
DALSEONG-GUN, TEL:+82-53-617-2332 FAX:+82-53-617-2334 |
Related Parties
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
HARVARD CO., LTD.(180111-0173871) |
|
Subsidiary |
DONGWON MENIX CO., LTD.(180111-0560408) (100.0% held by the subject company) |
|
Cooperative |
-Insured Company FIRST FIRE & MARINE INSURANCE CO., LTD.(110111-0017586) |
Sales by Region
(Activity &
Markets)
Not Available.
Court Action
No.
News Clipping
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
RATING EXPLANATIONS
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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 |
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 |
|
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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.