MIRA INFORM REPORT
|
Report Date : |
21.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
CSF CORPORATION |
|
|
|
|
Formerly Known As : |
CS CORPORATION |
|
|
|
|
Registered Office : |
167-12, Allak 2-dong, Dongnae-gu, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2008 |
|
|
|
|
Date of Incorporation : |
26.06.1996 |
|
|
|
|
Com. Reg. No.: |
607-81-35371 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Wholesale of Other Prepared Food |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Basic
|
Company Name |
CSF CORPORATION (Korean Company Name : “씨.에스.에프(주)”) |
|
Registered Address |
167-12, Allak 2-dong, Dongnae-gu, |
|
Zip Code |
607-825 |
|
Tel |
+82-51-531-8181 |
|
Fax |
+82-51-531-8286 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
Rm.903, Jungang Interspear 2, 144-5,
Sangdaewon-dong, Jungwon-gu, Seongnam-si, |
|
Tel |
+82-31-734-0044 |
|
Fax |
+82-31-734-0258 |
|
Other Address-Gimhae Branch |
463, Mangdeok-ri, Juchon-myeon, Gimhae-si,
|
|
Type |
Export/Import |
|
Industry |
Wholesale of Other Prepared Food |
|
Main Business |
Functionality Food Raw Material, Food Additive, Spices, Farm Produce
Manufactured Goods |
|
Established (mm/dd/yyyy) |
06/26/1996 |
The Subject owns
the premises of registered HQ address.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Food or drug additives(12164500) |
|
Sell |
Formulas and products for nutritional
support(42231800) |
|
Sell |
Flavours or extracts(12164502) |
|
Sell |
Fruits(50101600) |
CEO’s
|
Name |
Lee Dong-Hyun |
|
Address |
167-12, Allak 2-dong, Dongnae-gu, |
|
Date of Birth |
05/13/1961 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
1,500,000,000 |
||||||||||||
|
Employees |
25 |
||||||||||||
|
Formation |
Co., Ltd by shares |
||||||||||||
|
Bank Details |
Kookmin Bank Shinhan Bank-Yeonsan Branch Industrial Bank of |
||||||||||||
|
Corporate Registered No. |
180111-0209147 |
||||||||||||
|
Business Registered No. |
607-81-35371 |
||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 12087323 |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
07/11/1990 Established as MODEUN
Corporation 06/26/1996 Incorporated as CS CORPORATION 07/20/2001 Changed company name to the
present name 07/01/2002 Increased 03/04/2003 Moved to the present HQ address
from 159-7, Allak-dong, Dongnae-gu, |
||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Lee Dong-Hyun |
Male |
Korean |
01/03/2005 |
|
Director |
Mr. |
Oh Yong-Ho |
Male |
Korean |
06/04/2000 |
|
Director |
Mr. |
Jung Yeon-Chan |
Male |
Korean |
06/04/2009 |
|
Auditor |
Mr. |
Lee Kyung-Soo |
Male |
Korean |
12/20/2001 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
22,127,100,000 |
|
385,140,000 |
|
|
2008 |
22,248,614,143 |
9,395,975,099 |
283,080,224 |
|
2007 |
19,566,557,103 |
9,549,116,311 |
151,103,687 |
|
2006 |
20,157,912,854 |
8,903,128,315 |
166,299,716 |
|
2005 |
22,722,505,327 |
9,084,750,112 |
181,728,794 |
|
2004 |
25,319,211,895 |
8,681,445,435 |
142,146,582 |
Financial Description
|
Authorized Capital(KRW) |
3,200,000,000 |
|
Paid-Up Capital(KRW) |
1,500,000,000 |
|
Total Issues Shares |
150,000 |
Balance Sheet
|
Unit : Korean Won |
As of 12/31/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Total Assets |
9,395,975,099 |
9,549,116,311 |
8,903,128,315 |
|
Current Assets |
5,606,812,231 |
5,838,856,348 |
4,976,144,584 |
|
-Quick Assets |
4,504,667,231 |
4,660,772,749 |
4,217,481,047 |
|
-Inventories |
1,102,145,000 |
1,178,083,599 |
758,663,537 |
|
Fixed Assets |
3,789,162,868 |
3,710,259,963 |
3,926,983,731 |
|
-Investment |
2,579,885,094 |
2,517,475,978 |
2,685,492,074 |
|
-Tangibles |
633,926,773 |
620,418,449 |
618,945,061 |
|
-Intangibles |
23,351,001 |
9,990,833 |
13,504,166 |
|
-Others |
552,000,000 |
562,374,703 |
609,042,430 |
|
Total Liabilities |
6,444,567,812 |
6,880,789,248 |
6,382,521,069 |
|
Current Liabilities |
5,389,656,955 |
5,711,171,844 |
5,216,332,608 |
|
Fixed Liabilities |
1,054,910,857 |
1,169,617,404 |
1,166,188,461 |
|
Capital Stock |
1,500,000,000 |
1,500,000,000 |
1,500,000,000 |
|
Capital Surplus |
- |
- |
- |
|
Profit Surplus |
1,451,407,287 |
1,168,327,063 |
1,020,607,246 |
|
Capital Adjustment |
- |
- |
- |
|
Total Equity |
2,951,407,287 |
2,668,327,063 |
2,520,607,246 |
|
Liab. & Shareholder’s Equity |
9,395,975,099 |
9,549,116,311 |
8,903,128,315 |
|
Current
Liabilities |
5,389,656,955 |
5,711,171,844 |
5,216,332,608 |
|
Trade Payables |
1,039,268,802 |
898,269,568 |
975,549,260 |
|
Account Payables |
125,736,495 |
203,382,180 |
67,871,774 |
|
VAT Withhold |
153,557,282 |
- |
45,324,746 |
|
Withholdings |
2,442,560 |
4,881,230 |
2,138,400 |
|
Short-Term Borrowings |
3,928,568,346 |
4,459,043,174 |
4,003,538,510 |
|
Accrued Expenses |
93,251,180 |
116,348,042 |
92,798,548 |
|
Accrued Income Tax |
46,832,290 |
29,247,650 |
29,111,370 |
|
Fixed
Liabilities |
1,054,910,857 |
1,169,617,404 |
1,166,188,461 |
|
Long-Term Borrowings |
720,000,000 |
800,000,000 |
800,000,000 |
|
Leasehold Deposit Received |
50,000,000 |
100,000,000 |
100,000,000 |
|
Provision for Severance & Retirement |
325,180,603 |
305,872,441 |
282,443,498 |
Income Statement
|
Unit : Korean Won |
As of 12/31/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Sales |
22,248,614,143 |
19,566,557,103 |
20,157,912,854 |
|
Cost of Sold Goods |
18,690,677,252 |
16,926,067,785 |
17,312,923,997 |
|
Gross Profit |
3,557,936,891 |
2,640,489,318 |
2,844,988,857 |
|
Selling & Admin. Expenses |
2,742,123,408 |
2,175,122,067 |
2,259,315,765 |
|
Operating Income |
815,813,483 |
465,367,251 |
585,673,092 |
|
Non-Operating Income |
119,024,002 |
240,699,161 |
99,474,842 |
|
Non-Operating Expenses |
576,348,741 |
497,326,595 |
465,262,628 |
|
Ordinary Income |
358,488,744 |
208,739,817 |
219,885,306 |
|
Special Income |
|
|
|
|
Income Before Taxes |
358,488,744 |
208,739,817 |
219,885,306 |
|
Income Taxes Expenses |
75,408,520 |
57,636,130 |
53,585,590 |
|
Net Income |
283,080,224 |
151,103,687 |
166,299,716 |
Cash Flows
|
Unit : Korean Won |
As of 12/31/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Cash Flows from Operating |
403,287,227 |
(-)1,197,241,704 |
675,388,150 |
|
-Net Income |
283,080,224 |
151,103,687 |
166,299,716 |
|
-Exp. without Cash Outflow |
148,497,719 |
137,158,705 |
151,962,368 |
|
-Revenue without Cash Inflows |
(-)19,511,121 |
(-)131,681,049 |
(-)3,349,546 |
|
-Changes in Asset/ & Liability |
(-)8,779,595 |
(-)1,353,823,047 |
360,475,612 |
|
Cash Flows from Investing |
236,686,597 |
681,842,038 |
(-)211,229,675 |
|
-Cash Inflow from Investing |
1,843,819,608 |
3,353,714,905 |
2,269,481,242 |
|
-Cash
Outflows for Investing |
(-)1,607,133,011 |
(-)2,671,872,867 |
(-)2,480,710,917 |
|
Cash Flows
from Financing |
(-)660,474,828 |
452,293,940 |
(-)376,704,978 |
|
-Cash
Inflows from Financing |
5,909,064,024 |
6,136,765,003 |
5,510,247,463 |
|
-Cash
Outflows from Financing |
(-)6,569,538,852 |
(-)5,684,471,063 |
(-)5,886,952,441 |
|
Increase/Decrease
in Cash |
(-)20,501,004 |
(-)63,105,726 |
87,453,497 |
|
Cash at the
Beginning of Year |
88,784,209 |
151,889,935 |
64,436,438 |
|
Cash at the
End of Year |
68,283,205 |
88,784,209 |
151,889,935 |
Products, Technologies, Services Description
|
Main Products & Services |
Functionality Food Raw Material, Food Additive, Spices, Farm Produce
Manufactured Goods |
Trade Partners & Competitors
|
Customers |
AROMALINE
CO., LTD.(131111-0069764) |
|
Competitors |
MSC CO.,
LTD. 439-13,
SOJU-DONG, YANGSAN-SI, TEL:+82-55-389-1001~20 FAX:+82-55-366-0478 CHEONG DO
AGAR AGAR MFG. CO., LTD. 385,
SORA-RI, HWAYANG-EUP, CHEONGDO-GUN, TEL:+82-54-372-7701~3 FAX:+82-54-372-7705 SONG EUN
COMMERCIAL CO., LTD. 60-2,
OGEUM-DONG, SONGPA-GU, TEL:+82-2-406-2700 FAX:+82-2-406-2662 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates-Domestic |
AROMALINE CO., LTD.(131111-0069764) (45.0% held by the subject company) WORLD WINE CO., LTD. (60.0% held by the subject company) MAC LIFE CO., LTD.(110111-3228445) (19.0% held by the subject company) |
|
Affiliates-Overseas |
JANG POWDER FOOD CO., LTD.( JINYI FOOD CO., LTD.( |
|
Cooperative |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) GREEN NON-LIFE INSURANCE CO., LTD.(110111-0007082) |
Sales by Region
(Activity & Markets)
Not Available.
Court Action
Not Available.
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.09 |
|
|
1 |
Rs.72.82 |
|
Euro |
1 |
Rs.63.43 |
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 |
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.