MIRA INFORM REPORT

 

 

Report Date :

20.08.2012

 

IDENTIFICATION DETAILS

 

Name :

FAR EAST CORP.

 

 

Registered Office :

645-21, Yeoksam 1-dong, Gangnam-gu, Seoul, Korea, 2nd Fl., Sinmyung Bldg., Zip Code 135-910

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

07.08.1989

 

 

Com. Reg. No.:

101-81-21141

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

Wholesale of Textiles

 

 

No. of Employees :

15

 

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 :

Slow

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

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

South korea

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

FAR EAST CORP.

(Korean Company Name : “화이스트상사(주)”)

Registered Address

645-21, Yeoksam 1-dong, Gangnam-gu, Seoul, Korea

Building

2nd Fl., Sinmyung Bldg.

Zip Code

135-910

Tel

+82-2-720-5078

Fax

+82-2-720-6044

E-mail

fareast@fareast-corp.com

Trading Address

2nd Fl., Sinmyung Bldg., 645-21, Yeoksam 1-dong, Gangnam-gu, Seoul, Korea

Tel

+82-2-720-5078

Fax

+82-2-720-6044

Type

Export/Import

Industry

Wholesale of Textiles

  Main Business

Polyester Fabrics, Rayon Fabrics, Cotton Fabrics

Established (mm/dd/yyyy)

08/07/1989

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Cotton fabrics(11161700)

Sell

Synthetic fabrics(11161800)

 

 

CEO’s

 

Name

Shin Dong-Hwan

Address

Suite 202-503, 307, Yeoksam-ro, Gangnam-gu, Seoul, Korea

Date of Birth

09/12/1958

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

950,000,000

Employees

15

Formation

Co., Ltd by Shares

Bank Details

Korea Exchange Bank-Jongro Branch

Woori Bank

Corporate Registered No.

110111-0642292

Business Registered No.

101-81-21141

Permit & Licenses

Int’l Trade No.: 433103

Shareholder Position

Name

Shares

%

SHIN DONG-HWAN

89,414

94.12

JUNG JIN-HERN

2,793

2.94

CHOI CHANG-IL

2,793

2.94

TOTAL

95,000

100.00

Company History

08/07/1989 Incorporated as the present name

(Korean Name : “화리스트상사(주)”)

12/10/1996 Increased the authorized shares to 500,000 shares from 20,000 shares

04/29/2000 Changed Korean company name to the present name

11/10/2008 Moved to the presenty HQ address from 45-1, Gwancheol-dong, Jongno-gu, Seoul, Korea

04/210/2009 Increased the capital to 950,000,000 KRW from 425,000,000 KRW

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Shin Dong-Hwan

Male

Korean

09/11/1995

Director

Mr.

Choi Chang-Il

Male

Korean

07/01/2009

Director

Mr.

Park Seok-Won

Male

Korean

07/01/2009

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2011

24,204,423,319

7,776,961,570

57,679,786

2010

24,055,067,869

8,592,555,647

-113,008,825

 

 

Financial Description

 

Authorized Capital(KRW)

5,000,000,000

Paid-Up Capital(KRW)

950,000,000

Total Issues Shares

95,000

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Total Assets

7,776,961,570

8,592,555,647

 

Current Assets

7,649,061,591

8,500,800,925

 

-Quick Assets

6,053,084,439

6,753,911,861

 

-Inventories

1,595,977,152

1,746,889,064

 

Fixed Assets

127,899,979

91,754,722

 

-Investment

75,518,826

39,518,826

 

-Tangibles

2,291,153

2,075,896

 

-Intangibles

50,090,000

50,160,000

 

Total Liabilities

6,339,044,380

7,212,318,243

 

Current Liabilities

6,238,596,738

7,140,467,312

 

Fixed Liabilities

100,447,642

71,850,931

 

Capital Stock

950,000,000

950,000,000

 

Capital Surplus

　

　

 

Profit Surplus

487,917,190

430,237,404

 

Capital Adjustment

　

　

 

Total Equity

1,437,917,190

1,380,237,404

 

Liab. & Shareholder’s Equity

7,776,961,570

8,592,555,647

 

 

Current Liabilities

6,238,596,738

7,140,467,312

 

Trade Payables

1,028,592,637

1,814,983,297

 

Short-Term Borrowings

5,091,216,224

5,204,329,750

 

Account Payables

-

3,511,005

 

Advance Receipts

12,864,500

3,264,656

 

Withholdings

28,663,500

6,737,645

 

Accrued Expenses

73,440,517

71,807,904

 

Accrued Income Tax

3,819,360

35,833,055

 

Fixed Liabilities

100,447,642

71,850,931

 

Provision for Severance & Retirement

100,447,642

71,850,931

 

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Sales

24,204,423,319

24,055,067,869

 

Cost of Sold Goods

21,816,911,685

21,764,670,856

 

Gross Profit

2,387,511,634

2,290,397,013

 

Selling & Admin. Expenses

2,176,417,512

2,175,787,698

 

Operating Income

211,094,122

114,609,315

 

Non-Operating Income

575,061,882

626,078,599

 

Non-Operating expenses

702,796,608

808,320,314

 

Income Before Taxes

83,359,396

-67,632,400

 

Income Taxes Expenses

25,679,610

45,376,425

 

Net Income

57,679,786

-113,008,825

 

 

 

Cash Flows

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Cash Flows from Operating

535,645,085

-518,680,558

 

-Net Income

57,679,786

-113,008,825

 

-Exp. without Cash Outflow

130,052,737

225,626,120

 

-Revenue without Cash Inflows

-11,524,322

-23,801,722

 

-Changes in Asset/ & Liability

359,436,884

-607,496,131

 

Cash Flows from Investing

-228,433,708

685,705,830

 

-Cash Inflow from Investing

18,070,000

726,496,475

 

-Cash Outflows for Investing

-246,503,708

-40,790,645

 

Cash Flows from Financing

-141,470,623

-224,571,316

 

-Cash Inflows from Financing

　

　

 

-Cash Outflows from Financing

-141,470,623

-224,571,316

 

Increase/Decrease in Cash

165,740,754

-57,546,044

 

Cash at the Beginning of Year

552,532,299

610,078,343

 

Cash at the End of Year

718,273,053

552,532,299

 

 

 

Products, Technologies, Services Description

 

Main Products & Services

Polyester Fabrics, Rayon Fabrics, Cotton Fabrics

 

 

Trade Partners & Competitors

 

Competitors

AMMI CO., LTD.

62-12, SINDANG 5-DONG, JUNG-GU, SEOUL, KOREA

TEL:+82-2-2238-8046  FAX:+82-2-2232-5887

 

SINAN TRADING CO., LTD.

RM. 901, SINCHANG VIVA FAMILY, 232-1, YONGDAP-DONG, SEONGDONG-GU, SEOUL, KOREA

TEL:+82-2-2248-7165  FAX:+82-2-2248-7177

 

SM CORPORATION

1ST FL., 879-3, DOKSAN 3-DONG, GEUMCHEON-GU, SEOUL, KOREA

TEL:+82-2-867-6805  FAX:+82-2-867-6806

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Subsidiary

FAREAST SHANGHAI CO., LTD.

 

 

Sales by Region

(Activity & Markets)

 

The Subject exports to Hong Kong and USA.

 

 

Court Action

 

No.

 

 

News Clipping

 

---

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.87.55

Euro

1

Rs.68.85

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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 Business

----

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.