MIRA INFORM
REPORT
|
Report Date : |
29.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
TS Corporation |
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Registered Office : |
6-14 Bukseongdong 1-ga, Jung-gu, Incheon |
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Country : |
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Financials (as on) : |
30.09.2010 |
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Date of Incorporation : |
06.07.1956 |
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Com. Reg. No.: |
121-81-07309 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Sugar Feed, Food Additives, Food Stuffs. |
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 : |
No Complaints |
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Litigation : |
Exists |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Basic
|
Company
Name |
TS CORPORATION (Korean Company Name : “대한제당(주)”) |
|
Registered Address |
6-14, Bukseongdong 1-ga, Jung-gu, |
|
Zip Code |
400-201 |
|
Tel |
+82-32-770-1400 |
|
Fax |
+82-32-770-1601 |
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E-mail |
|
|
Website |
|
|
Trading Address |
7-23, Sincheon-dong, Songpa-gu, |
|
Tel |
+82-2-410-6000 |
|
Fax |
+82-2-410-6028 |
|
Other Address-Business Office |
1229, U 2-dong,
Haeundae-gu, Busan, Korea |
|
Tel |
+82-51-746-1480 |
|
Other Address-Yangju Business Office |
18-3, Ugo-ri, Gwangjeok-myeon, Yangju-si, |
|
Tel |
+82-31-837-1300 |
|
Other Address-Hongseong Business Office |
283-3, Sangha-ri, Hongbuk-myeon, Hongseong-gun, |
|
Tel |
+82-41-634-8507 |
|
Other Address-Daegu Business Office |
42-5, Ihyeon-dong, Seo-gu, |
|
Tel |
+82-53-555-2493 |
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Other Address-Gangwon Business Office |
503-1, Dangye-dong, Wonju-si, |
|
Tel |
+82-33-731-8058 |
|
Other Address-Jinju Business Office |
62-3, Cheongok-ri, Jinseong-myeon, Jinju-si, |
|
Tel |
+82-55-752-0381 |
|
Fax |
+82-55-752-0382 |
|
Other Address-Oksan Factory |
359-1, Osan-ri, Oksan-myeon, Cheongwon-gun, |
|
Tel |
+82-43-269-4368 |
|
Fax |
+82-43-269-3166 |
|
Other Address-Ulsan Factory |
480, |
|
Tel |
+82-52-257-4085 |
|
Fax |
+82-52-257-4090 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Sugar |
|
Main Business |
Sugar, Feed, Food Additives, Food Stuffs |
|
Sub
Business |
Manufacture of Prepared Animal Feeds |
|
Established (mm/dd/yyyy) |
07/06/1956 |
The Subject owns the premises of registered HQ address(77,761.80㎡), Seoul Office(5,964.84㎡), Ulsan Factory (77,428.00㎡) and Oksan Factory(44,606.00㎡).
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Natural sugars or sweetening products(50161509) |
|
Sell |
Dipping sauces or condiments or spreads or marinades(50171830) |
|
Sell |
Edible vegetable and plant oils and fats(50151500) |
|
Sell |
Poultry food(10121604) |
|
Sell |
Livestock feed(10121500) |
|
Sell |
Wine(50202203) |
|
Buy |
Feed corn(10121503) |
|
Buy |
Organic fertilizers and plant nutrients(10171500) |
|
Buy |
|
|
Buy |
SMP |
|
Buy |
Cheese |
|
Buy |
Corn for Animal Feed |
CEO’s
|
Name |
Lee Chu-Hun |
|
Address |
|
|
Date of Birth |
12/23/1951 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
20,392,490,000 |
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|
Employees |
597 |
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Formation |
Listed Company ( A Company of TS Corporation Business Group |
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Bank Details |
Kookmin Bank Citi Bank, Korea-Jamsil Branch Korea Exchange Bank Shinhan Bank-Jamsil Branch Woori Bank Korea Development Bank Hana Bank-Jamsil Station Branch |
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|
Corporate Registered No. |
120111-0018368 |
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Business Registered No. |
121-81-07309 |
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Permit & Licenses |
08/1999 ISO 9001 Acquired HACCP in all factories Int’l Trade No.: 741682 |
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Shareholder Position |
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Company History |
07/2006 50th Anniversary of TS Corporation 04/2005 Approval of IND (Clinical trial
phase III for Aropotin) 09/2003 Received the Order of Industrial
Service Merit ( 01/2002 ERP activated for Innovative
Management and Global Standardization 09/2000 Unveiled company vision ‘Beyond
Happiness’ 08/1999 ISO 9001 certification granted 05/1998 Received the Industrial Service
Award from 11/1998 Received the Order of Industrial
Service Merit ( 10/1997 Established Beijing Popeye’s Food
Ltd. 12/1996 Received the Industrial Service
Award from Korean government 10/1996 Completed livestock feed plant in
Tian Jin, 02/1995 Established Tian Jin Rainbow Feed
Corp. in 03/1995 Received the Order of Industrial
Service Merit ( 04/1995 Changed company name to TS
Corporation 04/1994 Established the branch office in 03/1992 Established Taihan Sugar Ltd. In 02/1991 Established the branch office in 02/1991 Completed sugar premix plant in
Oksan 10/1991 Constructed new head office
building in Chamsil, 04/1989 Completed specialized feed plant in
12/1989 Completed chemical plant in 07/1988 Completed livestock feed plant in 02/1986 Established Research and 12/1981 Awarded the Order of Industrial Merit
Trophy for achieving annual export sales of US $100Millions 12/1981 Received the Order of Industrial
Service Merit ( 12/1980 Received the Order of Industrial
Award from Korean Government 08/1979 Completed sugar refinery in 05/1979 Completed livestock feed plant in 08/1969 Changed the company name to Taihan
Sugar Industrial Co., Ltd. 07/1956 Incorporated as Daedong Sugar Co.,
Ltd. with capitals of 2.5 Million won |
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|
|
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Chairman |
Mr. |
Sul Won-Bong |
Korean |
1948.08.22 |
|
|
Advisor |
Mr. |
Lee Chae-Soo |
Korean |
1949.04.14 |
|
|
Vice Chairman & CEO |
Mr. |
Sul Yoon-Ho |
Korean |
1975.02.22 |
|
|
President & CEO |
Mr. |
Lee Chu-Hun |
Korean |
1951.12.23 |
|
|
President & CEO |
Mr. |
Lee Myung-Sik |
Korean |
1953.11. 9 |
|
|
Executive Director |
Mr. |
Ko Duck-Hee |
Korean |
1954.12.31 |
|
|
Outside Director |
Mr. |
Park Dong-Hyuck |
Korean |
1942.10.12 |
|
|
Outside Director |
Mr. |
Kim Jin-Kyung |
Korean |
1947.05.26 |
|
|
Outside Director |
Mr. |
Lee Sang-Wook |
Korean |
1951.11.01 |
|
|
Auditor |
Mr. |
Shin Dong-Hwa |
Korean |
1944.03.14 |
|
|
Auditor |
Mr. |
Ko Seung-Hyun |
Korean |
1948.07.30 |
|
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
866,114,678,000 |
936,950,696,000 |
8,053,035,000 |
|
|
2009 |
1,111,543,571,000 |
910,820,699,000 |
2,236,011,000 |
|
2008 |
1,178,605,850,290 |
899,205,171,444 |
4,706,800,069 |
|
2007 |
1,008,092,654,634 |
589,009,177,898 |
12,270,699,473 |
|
2006 |
940,941,328,334 |
556,300,698,069 |
14,236,474,292 |
|
2005 |
847,895,804,924 |
522,509,085,613 |
14,153,462,161 |
|
2004 |
803,433,566,973 |
511,530,013,450 |
13,973,350,400 |
|
2003 |
725,731,448,759 |
512,325,759,187 |
6,028,372,517 |
Financial Description
|
Authorized Capital(KRW) |
30,000,000,000 |
|
Paid-Up Capital(KRW) |
20,392,490,000 |
|
Total Issues Shares |
4,078,498 (Common: 3,754,360 / Preferable:
324,138) |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2010~09/30/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
936,950,696,000 |
910,820,699,000 |
899,205,171,000 |
|
Current Assets |
417,083,587,000 |
414,118,937,000 |
406,545,927,000 |
|
-Quick Assets |
280,642,746,000 |
275,514,917,000 |
265,101,559,000 |
|
-Inventories |
136,440,841,000 |
138,604,020,000 |
141,444,368,000 |
|
Fixed Assets |
519,867,109,000 |
496,701,762,000 |
492,659,244,000 |
|
-Investment |
207,064,495,000 |
181,799,482,000 |
162,019,153,000 |
|
-Tangibles |
301,582,108,000 |
303,981,569,000 |
309,202,579,000 |
|
-Intangibles |
1,288,129,000 |
1,400,937,000 |
1,499,018,000 |
|
-Others |
9,932,377,000 |
9,519,774,000 |
19,938,494,000 |
|
Total Liabilities |
515,615,944,000 |
489,555,791,000 |
493,798,165,000 |
|
Current Liabilities |
304,978,957,000 |
306,533,568,000 |
299,026,775,000 |
|
Fixed Liabilities |
210,636,987,000 |
183,022,223,000 |
194,771,390,000 |
|
Capital Stock |
20,392,490,000 |
17,200,000,000 |
17,200,000,000 |
|
Capital Surplus |
114,553,037,000 |
120,898,494,000 |
120,976,511,000 |
|
Profit Surplus |
134,135,439,000 |
129,922,688,000 |
109,951,959,000 |
|
Capital Adjustment |
152,253,786,000 |
153,243,726,000 |
157,278,536,000 |
|
Total Equity |
421,334,752,000 |
421,264,908,000 |
405,407,006,000 |
|
Liab. &
Shareholder’s Equity |
936,950,696,000 |
910,820,699,000 |
899,205,171,000 |
|
Current
Liabilities |
304,978,957,000 |
306,533,568,000 |
299,026,775,000 |
|
Trade Payables |
38,917,788,000 |
38,211,857,000 |
21,619,573,000 |
|
Account Payables |
10,969,237,000 |
11,300,853,000 |
12,997,052,000 |
|
Accrued Expenses |
4,017,377,000 |
4,105,622,000 |
4,965,148,000 |
|
Advance Receipts |
18,899,946,000 |
20,072,059,000 |
10,971,804,000 |
|
Withholdings |
723,163,000 |
942,587,000 |
781,960,000 |
|
Accrued Income Tax |
1,644,287,000 |
1,505,141,000 |
273,646,000 |
|
Short-Term Borrowings |
24,650,000,000 |
59,440,000,000 |
52,270,000,000 |
|
Short-Term Borrowings-Foreign Currency |
131,192,867,000 |
108,849,322,000 |
128,899,090,000 |
|
Current Portion of Long-Term Debts |
73,964,292,000 |
62,106,127,000 |
66,248,502,000 |
|
Fixed
Liabilities |
210,636,987,000 |
183,022,223,000 |
194,771,390,000 |
|
Debentures |
57,840,000,000 |
36,500,000,000 |
40,000,000,000 |
|
Long-Term Borrowings |
91,039,846,000 |
59,792,816,000 |
61,731,312,000 |
|
Long-Term Borrowings-Foreign Currency |
1,853,249,000 |
25,791,333,000 |
27,969,716,000 |
|
Provision for Severance & Retirement |
33,077,447,000 |
32,155,075,000 |
30,342,989,000 |
|
Other Provisions |
2,785,300,000 |
5,085,300,000 |
4,089,200,000 |
|
Leasehold Deposit Received |
6,548,848,000 |
6,550,366,000 |
6,298,527,000 |
|
Deferred Income Tax Credit |
35,279,376,000 |
38,711,706,000 |
34,375,421,000 |
|
Derivatives |
4,963,167,000 |
2,236,011,000 |
7,456,645,000 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2010~09/30/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
866,114,678,000 |
1,111,543,571,000 |
1,178,605,850,000 |
|
Cost of Sold Goods |
788,632,739,000 |
980,165,942,000 |
1,050,669,630,000 |
|
Gross Profit |
77,481,939,000 |
131,377,629,000 |
127,936,220,000 |
|
Selling & Admin. Expenses |
64,462,332,000 |
91,992,178,000 |
89,100,738,000 |
|
Operating Income |
13,019,607,000 |
39,385,451,000 |
38,835,482,000 |
|
Non-Operating Income |
32,677,334,000 |
54,361,641,000 |
62,331,417,000 |
|
Non-Operating Expenses |
33,940,447,000 |
64,527,006,000 |
94,444,210,000 |
|
Ordinary Income |
11,756,494,000 |
29,220,086,000 |
6,722,689,000 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
11,756,494,000 |
29,220,086,000 |
6,722,689,000 |
|
Income Taxes Expenses |
3,703,459,000 |
7,749,092,000 |
2,015,889,000 |
|
Net Income |
8,053,035,000 |
21,470,994,000 |
4,706,800,000 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2010~09/30/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
7,302,400,000 |
72,201,599,000 |
(-)37,416,990,000 |
|
-Net Income |
8,053,035,000 |
21,470,994,000 |
4,706,800,000 |
|
-Exp. without Cash Outflow |
16,403,276,000 |
28,861,258,000 |
47,103,512,000 |
|
-Revenue without Cash Inflows |
(-)17,244,484,000 |
(-)20,606,261,000 |
(-)30,962,492,000 |
|
-Changes in Asset/ & Liability |
90,573,000 |
42,475,608,000 |
(-)58,264,810,000 |
|
Cash Flows from Investing |
(-)66,083,521,000 |
(-)20,695,185,000 |
8,020,644,000 |
|
-Cash Inflow from Investing |
13,106,251,000 |
13,107,650,000 |
28,959,601,000 |
|
-Cash Outflows for Investing |
(-)79,189,772,000 |
(-)33,802,835,000 |
(-)20,938,957,000 |
|
Cash Flows from Financing |
25,637,476,000 |
(-)22,607,838,000 |
95,422,591,000 |
|
-Cash Inflows from Financing |
136,642,296,000 |
65,227,747,000 |
155,152,507,000 |
|
-Cash Outflows from Financing |
(-)111,004,820,000 |
(-)87,835,585,000 |
(-)59,729,916,000 |
|
Increase/Decrease in Cash |
(-) 33,143,645,000 |
28,898,576,000 |
66,026,245,000 |
|
Cash at the Beginning of Year |
137,611,567,000 |
108,712,991,000 |
42,686,746,000 |
|
Cash at the End of Year |
104,467,922,000 |
137,611,567,000 |
108,712,991,000 |
Products, Technologies, Services Description
|
Main Products & Services |
Sugar & Foodstuffs Animal Feed Chemicals Bio Business Brand Name: Foodream, Rainbow Animal Feed |
Trade Partners & Competitors
|
Suppliers |
|
|
Customers |
HANYEADEU CO. LTD (134511-0031259) |
|
Competitors |
CJ CHEILJEDANG CORPORATION(110111-3748253) 500, NAMDAEMUNNO 5-GA, JUNG-GU, TEL:+82-2-726-8114 FAX:+82-2-726-8319 SAMYANG CORPORATION(110111-0026181) 263, YEONJI-DONG, JONGNO-GU, TEL:+82-2-740-7114 FAX:+82-2-743-7720 DAESANG CORPORATION(110111-0327125) DAESANG BLDG., 96-48, SINSEOL-DONG,
DONGDAEMUN-GU, TEL:+82-2-2220-9500 FAX:+82-2-2232-3719 |
Related Parties (Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
GYEONGIN TV CO., LTD.(121111-0149021) (16.86% held by the subject company) TS DEVELOPMENT CO., LTD(110111-0178057) (39.54% held by the subject company) ART JAIM BIOTEC CO., LTD. (110111-1899652) (35.00% held by the subject company) |
|
Overseas Office |
LA OFFICE 970W 190TH ST. TEL :+1-310-329-6468 FAX :+1-310-329-0614 7TH FLOOR, UCHIKANDA TK BLDG, 5-13 UCHIKANDA 1-CHOME, CHIYODA-KU, TOKYO, JAPAN TEL :+81-3-5217-3434 FAX :+81-3-3233-1120 TS( 1104 & 5, TESBURY CENTRE 24-32, QUEEN'S
ROAD EAST WANCHAI, TEL :+852-2865-4266 FAX :+852-2865-3766 |
|
Joint Venture |
|
|
Subsidiary |
SAMSUNG MUTUAL SAVINGS & FINANCE CO.,
LTD.(110111-0113475) (100.0% held by the subject company) TS HAIMARROW CO., LTD(110111-0801492) (79.53% held by the subject company) GONGJU DEVELOPMENT.CO.LTD(110111-0717590) (100.0% held by the subject company) TS WOOIN CO., LTD.(110111-0169999) (92.06% held by the subject company) TS DAIRY PRODUCTS CO., LTD.(150111-0025490) (50.96% held by the subject company) TS C&I CO., LTD.(110111-1458789) (99.67% held by the subject company) IC-GEN CORP.(110111-2317562) (69.99% held by the subject company) TIANJIN RAINBOW FEED CO., LTD (80.00% held by the subject company) TS( (100.0% held by the subject company) NAMKYUNG CHAEHONG ANIMAL FEED CO., LTD.( (52.38% held by the subject company) |
|
Cooperative |
-Technical Support BOCM PAULS-UK |
Sales by Region (Activity & Markets)
|
Sales/ Unit :Thousand KRW |
09/2010 |
2009 |
2008 |
|
Export |
184,593,285 |
224,068,082 |
244,782,134 |
|
Domestic |
681,521,393 |
887,475,489 |
933,823,716 |
|
Total |
866,114,678 |
1,111,543,571 |
1,178,605,850 |
The subject
imports
Court Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
|
2008GADAN2487 |
|
The Subject Company |
Cho Jong-Jin |
Claim for Guaranteed Debts |
59,294 |
Proceeding |
|
2008GAHAP211 |
|
The Subject Company |
Kwon Jae-Hyun & Others |
Claim for Receivables |
306,396 |
Proceeding |
|
2008GADAN14981 |
|
The Subject Company |
Seo Yoon-Ja & Others |
Claim for Receivables |
42,157 |
Proceeding |
|
2008GASO233986 |
|
The Subject Company |
Chungjungkei Co., Ltd.(111511-0052343) |
Claim for Receivables |
15,298 |
Proceeding |
|
2008GASO4519 |
|
The Subject Company |
Lee Byung-Soon |
Claim for Receivables |
4,151 |
Proceeding |
|
2008GADAN1650 |
|
Choi In-Kyu |
The Subject Company |
Claim for Deleting the right |
31,870 |
Proceeding |
|
2008GADAN1934 |
|
Park Soo-Yong |
The Subject Company |
Conformation on not existing the debts |
20,102 |
Proceeding |
|
2007GAHAP2816 |
|
Purina Korea, Inc. |
The Subject Company |
- |
284,038 |
Proceeding |
|
2008GADAN3162 |
|
Milim Eggland Co., Ltd. |
The Subject Company |
Conformation on not existing the debts |
72,559 |
Proceeding |
|
2008KADAN1319 |
|
Lee Byung-Soon |
The Subject Company |
Cancellation on imposed the provisional seizure |
- |
Proceeding |
|
2008GADAN67423 |
|
Jung Man-Young |
The Subject Company |
Refund on Profit |
60,671 |
Proceeding |
News Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.57 |
|
|
1 |
Rs.72.50 |
|
Euro |
1 |
Rs.62.46 |
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 |
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 |
|
---- |
NB |
New Company |
---- |
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.