MIRA INFORM REPORT
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Report Date : |
09.04.2012 |
IDENTIFICATION DETAILS
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Name : |
TORAY ADVANCED MATERIALS KOREA INC. |
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Formerly Known As : |
TORAY SAEHAN INC |
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Registered Office : |
93-1, Imsu-dong, Gumi-si, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.10.1999 |
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Com. Reg. No.: |
513-81-16410 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Manufacturer of Plastic Films, Sheets and Plates |
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No. of Employees
: |
1,190 |
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 : |
Good |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
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Company
Name |
TORAY ADVANCED
MATERIALS KOREA INC. (Ex. Company Name : TORAY SAEHAN INC., “도레이새한(주)”) (Korean Company
Name : “도레이첨단소재(주)”) |
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Registered Address |
93-1, Imsu-dong, Gumi-si, |
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Zip Code |
730-350 |
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Tel |
+82-54-479-6114 |
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Fax |
+82-54-479-6371 |
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E-mail |
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Website |
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Trading Address |
16~17FL., LG Mapo Bldg., 275,
Gongdeok-dong, Mapo-gu, |
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Tel |
+82-2-3279-1000 |
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Fax |
+82-2-3279-1411 |
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Other Address-Gumi 2 Factory |
287, Gongdan-dong, Gumi-si, |
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Tel |
+82-54-479-6114 |
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Fax |
+82-54-479-6371 |
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Other Address- Gumi 3 Factory |
4Danji, 24 Block, Gupo-dong,
Gumi-si, |
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Tel |
+82-54-479-6605 |
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Fax |
+82-54-479-6609 |
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Other Address -AMRC |
Rm.703, |
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Tel |
+82-2-953-4035 |
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Fax |
+82-2-953-4039 |
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Other Address-Daegu Office |
93-1 Imsu-dong, Gumi-si, Gyeongsangbuk-do, 730-350, |
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Tel |
+82-54-479-6286~7 |
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Fax |
+82-54-479-6193 |
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Other Address-Gumi Spuntech |
321-7 Gongdan-dong, Gumi-si, Gyeongsangbuk-do 730-030, |
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Tel |
+82-54-463-5514 |
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Fax |
+82-54-463-5584 |
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Type |
Export/Import |
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Industry |
Manufacture of Plastic Films, Sheets and Plates |
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Main Business |
Polyester Filament, PP/Pet Spunbond, Polyester Film, Polyester Chip |
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Sub Business |
Manufacture of Other Non-woven and Felt Fabrics |
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Established (mm/dd/yyyy) |
10/15/1999 |
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Nonwoven fabrics(11162200) |
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Sell |
Polyester films(13111210) |
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Sell |
Polyester yarn(11151703) |
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Sell |
Films(13111200) |
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Name |
Lee Young-Gawn |
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Address |
Suite 101-6406, 916, Mok-dong,
Yangcheon-gu, |
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Date of Birth |
09/12/1947 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
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Capital (KRW) |
455,000,000,000 |
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Employees |
1,190 |
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Formation |
Co., Ltd by shares Foreign Direct Investment Corporation |
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Bank Details |
Woori Bank Hana Bank Shinhan Bank Korea Exchange Bank |
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Corporate Registered No. |
176011-0020054 |
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Business Registered No. |
513-81-16410 |
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Permit & Licenses |
Int’l Trade No.: 13069555 |
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Shareholder Position |
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Company
History |
10/15/1999
Incorporated as Toray Saehan Inc. as a JV with Saehan and Toray Industries,
Inc.( 12/03/2004 Increased
capital to 336,000,000,000 KRW from 300,000,000,000 KRW 12/25/2005
Increased capital to 356,900,000,000 KRW from 336,000,000,000 KRW 06/24/2009
Increased capital to 415,000,000,000 KRW from 356,900,000,000 KRW 04/20/2010
Changed company name to the present name 02/01/2012
Increased capital to 455,000,000,000 KRW from 415,000,000,000 KRW |
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
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President & CEO |
Mr. |
Lee Young-Gawn |
Male |
Korean |
10/15/1999 |
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Director |
Mr. |
Kim Yang-Kyu |
Male |
Korean |
10/15/2002 |
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Director |
Mr. |
Seo Jung-Tae |
Male |
Korean |
10/15/2002 |
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Director |
Mr. |
Kim Sang-Phil |
Male |
Korean |
03/16/2007 |
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Director |
Mr. |
Jeon Won-Sik |
Male |
Korean |
12/28/2007 |
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Director |
Mr. |
Hiraoka Toshihiko |
Male |
Japanese |
06/18/2008 |
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Director |
Mr. |
Seo Ki-Bong |
Male |
Korean |
03/17/2009 |
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Director |
Mr. |
Tanabe Yashiko |
Male |
Japanese |
06/16/2009 |
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Director |
Mr. |
Song Baik-Ha |
Male |
Korean |
02/23/2010 |
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Director |
Mr. |
Won Dong-Ho |
Male |
Korean |
03/14/2011 |
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Auditor |
Mr. |
Numano Ryuichi |
Male |
Japanese |
03/19/2004 |
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Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
1,281,887,793,301 |
1,245,321,872,386 |
178,581,714,245 |
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2010 |
1,136,139,200,391 |
1,062,427,389,708 |
166,300,149,176 |
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2009 |
952,993,223,135 |
893,150,971,047 |
88,157,185,724 |
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2008 |
839,766,737,886 |
828,098,612,276 |
33,261,476,604 |
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2007 |
724,110,861,936 |
798,375,544,595 |
38,283,566,307 |
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2006 |
685,618,159,033 |
740,571,328,705 |
40,464,549,623 |
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2005 |
661,075,966,438 |
679,423,768,821 |
47,473,595,067 |
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2004 |
642,565,779,285 |
716,926,006,266 |
54,117,116,169 |
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Authorized Capital(KRW) |
600,000,000,000 |
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Paid-Up Capital(KRW) |
455,000,000,000 |
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Total Issued Shares |
91,000,000 |
Balance
Sheet
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Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
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Total Assets |
1,245,321,872,386 |
1,062,427,389,708 |
893,150,971,047 |
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Current Assets |
475,203,576,041 |
500,542,300,129 |
419,381,254,352 |
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-Quick Assets |
316,874,276,933 |
382,084,966,300 |
318,717,264,813 |
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-Inventories |
158,329,299,108 |
118,457,333,829 |
100,663,989,539 |
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Fixed Assets |
770,118,296,345 |
561,885,089,579 |
473,769,716,695 |
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-Investment |
90,369,840,609 |
49,242,656,206 |
31,047,823,648 |
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-Tangibles |
663,418,037,870 |
495,143,135,093 |
423,694,047,262 |
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-Intangibles |
3,369,502,177 |
4,379,060,553 |
5,678,928,948 |
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-Others |
12,960,915,689 |
13,120,237,727 |
13,348,916,837 |
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Total Liabilities |
242,786,642,934 |
222,689,811,119 |
198,573,086,434 |
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Current Liabilities |
235,245,375,887 |
210,513,130,464 |
188,795,271,868 |
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Fixed Liabilities |
7,541,267,047 |
12,176,680,655 |
9,777,814,566 |
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Capital Stock |
415,000,000,000 |
415,000,000,000 |
415,000,000,000 |
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Capital Surplus |
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Profit Surplus |
577,065,388,463 |
419,612,874,218 |
274,062,725,042 |
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Capital Adjustment |
10,469,840,989 |
5,124,704,371 |
5,515,159,571 |
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Total Equity |
1,002,535,229,452 |
839,737,578,589 |
694,577,884,613 |
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Liab. & Shareholder’s Equity |
1,245,321,872,386 |
1,062,427,389,708 |
893,150,971,047 |
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Current
Liabilities |
235,245,375,887 |
210,513,130,464 |
188,795,271,868 |
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Trade Payables |
99,356,889,804 |
98,789,038,561 |
81,085,476,086 |
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Account Payables |
93,767,783,813 |
73,008,680,920 |
47,913,324,960 |
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Advance Receipts |
359,019,824 |
207,940,131 |
151,533,298 |
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Withholdings |
2,480,172,037 |
3,484,671,061 |
2,709,422,590 |
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Guarantee Deposit Withhold |
303,000,000 |
291,000,000 |
317,000,000 |
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Accrued Expenses |
6,885,670,080 |
5,557,908,086 |
5,688,959,073 |
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VAT Withhold |
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|
792,694,345 |
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Accrued Income Tax |
25,794,164,378 |
23,275,098,972 |
11,234,266,914 |
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Current Portion of Long-Term
Debts |
52,614,498 |
- |
37,048,186,189 |
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Leasehold Deposit Received |
679,068,000 |
46,068,000 |
46,068,000 |
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Provision
for Warrant |
1,077,324,295 |
1,632,972,035 |
1,741,918,613 |
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Other
Provisions |
3,999,289,158 |
3,895,072,698 |
- |
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Others |
490,380,000 |
324,680,000 |
66,421,800 |
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Fixed
Liabilities |
7,541,267,047 |
12,176,680,655 |
9,777,814,566 |
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Provision for Severance &
Retirement |
27,554,357,702 |
31,376,467,408 |
26,874,050,430 |
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Non-Current Portion of
Deferred Income Tax Credit |
5,503,859,184 |
2,863,284,272 |
1,777,482,504 |
Income
Statement
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Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
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Sales |
1,281,887,793,301 |
1,136,139,200,391 |
952,993,223,135 |
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Cost of Sold Goods |
990,612,327,258 |
865,872,369,816 |
784,147,010,852 |
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Gross Profit |
291,275,466,043 |
270,266,830,575 |
168,846,212,283 |
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Selling & Admin. Expenses |
85,087,763,442 |
79,228,347,188 |
72,100,344,530 |
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Operating Income |
206,187,702,601 |
191,038,483,387 |
96,745,867,753 |
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Non-Operating Income |
35,748,777,536 |
32,909,095,650 |
38,987,204,932 |
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Non-Operating Expenses |
21,505,837,966 |
25,094,741,041 |
28,202,665,754 |
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Income Before Taxes |
220,430,642,171 |
198,852,837,996 |
107,530,406,931 |
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Income Taxes Expenses |
41,848,927,926 |
32,552,688,820 |
19,373,221,207 |
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Net Income |
178,581,714,245 |
166,300,149,176 |
88,157,185,724 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
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Cash Flows from Operating |
182,790,049,317 |
245,348,644,533 |
208,968,170,621 |
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-Net Income |
178,581,714,245 |
166,300,149,176 |
88,157,185,724 |
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-Exp. without Cash Outflow |
62,758,955,106 |
62,690,874,818 |
75,318,925,424 |
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-Revenue without Cash Inflows |
-6,121,256,432 |
-9,304,168,896 |
-10,118,884,933 |
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-Changes in Asset/ & Liability |
-52,429,363,602 |
25,661,789,435 |
55,610,944,406 |
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Cash Flows from Investing |
-251,018,224,569 |
-116,493,879,367 |
-62,629,955,375 |
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-Cash Inflow from Investing |
1,314,011,936 |
23,398,149,571 |
4,322,591,382 |
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-Cash Outflows for Investing |
-252,332,236,505 |
-139,892,028,938 |
-66,952,546,757 |
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Cash Flows from Financing |
-19,559,535,562 |
-57,781,082,432 |
-72,038,997,694 |
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-Cash Inflows from Financing |
2,496,614,900 |
2,186,905,776 |
69,502,285,343 |
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-Cash Outflows from Financing |
-22,056,150,462 |
-59,967,988,208 |
-141,541,283,037 |
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Increase/Decrease in Cash |
-87,787,710,814 |
71,073,682,734 |
74,299,217,552 |
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Cash at the Beginning of Year |
176,247,779,184 |
105,174,096,450 |
30,874,878,898 |
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Cash at the End of Year |
88,460,068,370 |
176,247,779,184 |
105,174,096,450 |
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Main Products & Services |
Polyester Film -Polyester Film -Metallized Film IT Materials -Display materials -Electronics & Circuit Materials -Metaloyal Spunbond -PP Spunbond -PET Spunbond Polyester Chip Polyester Filament PLA |
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Competitors |
HWASEUNG INDUSTRIES CO., LTD. 6TH FL., JANGCHEON BLDG., 1287-21, YEONSAN 5-DONG,
YEONJE-GU, TEL:+82-51-311-0081 FAX:+82-51-312-2465 SKC HAAS DISPLAY FILMS CO., LTD. 460, CHEONHEUNG-RI, SEONGGEO-EUP,
SEOBUK-GU, CHEONAN-SI, TEL:+82-41-550-9999 FAX:+82-41-622-9999 SANGBO ELECTRONIC CO., LTD. 466, UIJEON-RI, JINYEONG-EUP, GIMHAE-SI, TEL:+82-55-343-0822 FAX:+82-55-343-2679 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
TORAY INTERNATIONAL KOREA CO., LTD.(110111-3317339) (20.0% held by the subject company) GUMI SPUNTECH CO., LTD.(176011-0041943) (100.0% held by the subject company) STEMCO CO., LTD.(281111-0102399) DAEHAN PRECISION CO., LTD.( CHORI CO., LTD. PENFIBRE SDN. BERHAD THAI TORAY SYNTHETICS CO., LTD. TORAY FILM PRODUCTS(ZHONSHAN) CO., LTD. TORAY INTERNATIONAL TORAY FIBERS( TORAY INTERNATIONAL, INC. TORAY PLASTICS( TORAY INTERNATIONAL ( TORAY ADVANCED FILM CO., LTD. TORAY PRECISION CO. TORAY TORAY INTERNATIONAL AMERICA, INC. TORAY INTERNATIONAL ( YIHUA TORAY POLYESTER FILM CO., LTD. |
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Overseas Office |
TORAY INDUSTRIES, INC. TEL:+81-3-3245-5111 FAX:+81-3-3245-5054 TORAY PLASTIC ( TEL:+1-401-294-4511 FAX:+1-401-294-2154 TORAY INTERNATIONAL HUGENOTTENALLEE 175, 63263 TEL:+49-6102-79990 FAX:+49-6102-7999291 TORAY POLYTECH ( NO. 56, TEL:+86-513-8010-0290 FAX:+86-513-8010-0298 |
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Subsidiary |
TAK INFORMATION SYSTEMS INC.(110111-1369465) TORAY POLYTECH( (50.0% held by the subject company) TORAY POLYTECH( |
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Corporate Ownership |
Toray Industries, Inc. |
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Cooperative |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
(Activity & Markets)
The Subject deals
with the companies in
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.05 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
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.