|
Report Date : |
15.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHUNIL FOODS CO., LTD. |
|
|
|
|
Formerly Known As : |
Chunil Food
manufacturing Co., Ltd. |
|
|
|
|
Registered Office : |
250-1, Byeokgye-ri, Gwangcheon-eup, Hongseong-gun, Chungcheongnam-do, Korea, Zip Code 350-905 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
14.12.1974 |
|
|
|
|
Com. Reg. No.: |
139-81-25797 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacturer of Lunch boxes and Composite food preparation for Meals |
|
|
|
|
No. of Employees : |
284 employees |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
South Korea - ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated incredible
growth and global integration to become a high-tech industrialized economy. In
the 1960s, GDP per capita was comparable with levels in the poorer countries of
Africa and Asia. In 2004, South Korea joined the trillion dollar club of world
economies, and currently is among the world's 20 largest economies. Initially,
a system of close government and business ties, including directed credit and import
restrictions, made this success possible. The government promoted the import of
raw materials and technology at the expense of consumer goods, and encouraged
savings and investment over consumption. The Asian financial crisis of 1997-98
exposed longstanding weaknesses in South Korea''s development model including
high debt/equity ratios and massive short-term foreign borrowing. GDP plunged
by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous
economic reforms following the crisis, including greater openness to foreign
investment and imports. Growth moderated to about 4% annually between 2003 and
2007. With the global economic downturn in late 2008, South Korean GDP growth
slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to
recover, in large part due to export growth, low interest rates, and an
expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South
Korea Free Trade Agreement was ratified by both governments and is projected to
go into effect in early 2012. The South Korean economy''s long term challenges
include a rapidly aging population, inflexible labor market, and heavy reliance
on exports - which comprise half of GDP.
|
Source : CIA |
Important Note:
We cannot
recommend credit limit because of negative networth.
|
Company Name |
CHUNIL FOODS CO., LTD. (Korean Company Name : “천일식품(주)”) |
|
Registered Address |
250-1,
Byeokgye-ri, Gwangcheon-eup, Hongseong-gun, Chungcheongnam-do, Korea |
|
Zip Code |
350-905 |
|
Tel |
+82-41-641-1111 |
|
Fax |
+82-42-642-8338 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
250-1,
Byeokgye-ri, Gwangcheon-eup, Hongseong-gun, Chungcheongnam-do, Korea |
|
Tel |
+82-32-820-7915 |
|
Fax |
+82-32-812-7004 |
|
Other Address |
690-2, Gojan-dong,
Namdong-gu, Incheon, Korea |
|
Tel |
+82-32-812-7001 |
|
Other Address |
67-6, Yangjae-dong, Seocho-gu,
Seoul, Korea |
|
Tel |
+82-2-3461-2211 |
|
Type |
Export |
|
Industry |
Manufacture of Lunch boxes and Composite food preparation for Meals |
|
Main Business |
Frozen Dumpling, Frozen Fried Rice, Frozen Noodle, Frozen Meat
Products |
|
Established (mm/dd/yyyy) |
12/14/1974 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Shelf stable processed or prepared
meats(50112003) |
|
Sell |
Prepared and preserved foods(50190000) |
|
Sell |
Processed and prepared meats(50112000) |
|
Sell |
Shelf stable prepared potatoes or rice or
pasta or stuffing(50192603) |
|
Sell |
Frozen prepared potatoes or rice or pasta or
stuffing(50192602) |
|
Sell |
Instant mixes and supplies(50193100) |
|
Buy |
Edible vegetable or plant oils(50151513) |
|
Buy |
Fresh vegetables(50101538) |
|
Buy |
Fresh meat or poultry(50111510) |
|
Buy |
Edible vegetable or plant oils(50151513) |
|
Buy |
Fresh vegetables(50101538) |
|
Buy |
Fresh eggs(50131606) |
|
Buy |
Fresh aquatic invertebrates(50121705) |
|
Buy |
Edible vegetable or plant oils(50151513) |
|
Name |
Cheon Seok-Gyu |
|
Address |
Suite 105-502, 55, Jeongjail-ro,
Bundang-gu, Seongnam-si, Gyeonggi-do, Korea |
|
Date of Birth |
04/08/1963 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
11,866,285,000 |
||||||||||||||||||||||||
|
Employees |
284 |
||||||||||||||||||||||||
|
Formation |
Co., Ltd by Shares Foreign Direct Investment Corporation |
||||||||||||||||||||||||
|
Bank Details |
Shinhan Bank Industrial Bank of Korea |
||||||||||||||||||||||||
|
Corporate Registered No. |
110111-0173180 |
||||||||||||||||||||||||
|
Business Registered No. |
139-81-25797 |
||||||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 751115 |
||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||
|
Company History |
12/14/1974 Incorporated as Chunil Food
manufacturing Co., Ltd. 04/01/2011 Moved to the present HQ address
from 690-2,
Gojan-dong, Namdong-gu, Incheon, Korea 09/01/2006 Changed company name to the present
name |
||||||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Cheon Seok-Gyu |
Male |
Korean |
07/01/2006 |
|
Director |
Mr. |
Cheon Dong-Hwan |
Male |
Korean |
11/04/1999 |
|
Director |
M/S. |
Kim Hye-Jung |
Female |
Korean |
11/04/2002 |
|
Auditor |
Mr. |
Lee Kyung-Do |
Male |
Korean |
03/31/2009 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
64,197,444,160 |
30,319,341,472 |
216,502,603 |
|
|
2010 |
49,158,603,509 |
27,876,621,327 |
490,912,862 |
|
2009 |
40,201,873,579 |
21,932,674,995 |
2,551,135,462 |
|
Authorized Capital(KRW) |
30,000,000,000 |
|
Paid-Up Capital(KRW) |
11,866,285,000 |
|
Total Issued Shares |
2,373,257 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
30,319,341,472 |
27,876,621,327 |
21,932,674,995 |
|
Current Assets |
20,275,772,680 |
18,030,132,522 |
15,961,122,517 |
|
-Quick Assets |
12,343,373,544 |
11,356,191,484 |
10,410,410,636 |
|
-Inventories |
7,932,399,136 |
6,673,941,038 |
5,550,711,881 |
|
Fixed Assets |
10,043,568,792 |
9,846,488,805 |
5,971,552,478 |
|
-Investment |
836,729,480 |
939,079,400 |
1,372,831,540 |
|
-Tangibles |
8,851,041,813 |
8,525,462,753 |
3,214,943,082 |
|
-Intangibles |
131,417,427 |
166,766,580 |
188,328,704 |
|
-Others |
224,380,072 |
215,180,072 |
1,195,449,152 |
|
Total Liabilities |
35,179,545,856 |
32,953,328,314 |
27,500,294,844 |
|
Current Liabilities |
16,605,262,828 |
13,631,075,981 |
16,802,636,005 |
|
Fixed Liabilities |
18,574,283,028 |
19,322,252,333 |
10,697,658,839 |
|
Capital Stock |
11,866,285,000 |
11,866,285,000 |
11,866,285,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
-16,726,489,384 |
-16,942,991,987 |
-17,433,904,849 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
-4,860,204,384 |
-5,076,706,987 |
-5,567,619,849 |
|
Liab. &
Shareholder’s Equity |
30,319,341,472 |
27,876,621,327 |
21,932,674,995 |
|
Current Liabilities |
16,605,262,828 |
13,631,075,981 |
16,802,636,005 |
|
Trade Payables |
9,060,587,415 |
7,672,139,365 |
10,198,017,547 |
|
Short-Term Borrowings |
414,028,150 |
600,000,000 |
- |
|
Account Payables |
3,589,711,316 |
2,894,506,581 |
3,936,020,895 |
|
Advance Receipts |
659,643,403 |
667,562,636 |
620,169,173 |
|
Guarantee Deposit Withhold |
93,174,183 |
71,174,183 |
62,174,183 |
|
Withholdings |
93,121,325 |
72,983,143 |
64,730,943 |
|
Accrued Expenses |
323,857,565 |
217,269,964 |
199,444,989 |
|
Accrued Income Tax |
- |
20,444,104 |
- |
|
Other Current Liabilities |
4,656,649 |
5,499,124 |
3,696,508 |
|
Current Portion of Long-Term Debts |
2,604,176,157 |
1,655,216,000 |
1,718,381,767 |
|
Fixed Liabilities |
18,574,283,028 |
19,322,252,333 |
10,697,658,839 |
|
Long-Term Borrowings |
8,580,768,000 |
8,949,124,000 |
7,324,356,000 |
|
Long-Term Trade Payables |
4,456,207,727 |
5,248,346,609 |
- |
|
Long-Term Account Payables |
3,781,402,129 |
3,557,139,492 |
1,111,176,638 |
|
Provision for Severance & Retirement |
2,730,395,831 |
2,712,169,807 |
2,363,278,108 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
64,197,444,160 |
49,158,603,509 |
40,201,873,579 |
|
Cost of Sold Goods |
48,497,227,435 |
35,464,222,828 |
29,826,291,191 |
|
Gross Profit |
15,700,216,725 |
13,694,380,681 |
10,375,582,388 |
|
Selling & Admin. Expenses |
13,916,302,674 |
11,834,356,725 |
9,275,464,928 |
|
Operating Income |
1,783,914,051 |
1,860,023,956 |
1,100,117,460 |
|
Non-Operating Income |
212,810,844 |
1,504,656,184 |
2,186,585,235 |
|
Non-Operating Expenses |
1,770,751,539 |
2,839,226,108 |
735,567,233 |
|
Income Before Taxes |
225,973,356 |
525,454,032 |
2,551,135,462 |
|
Income Taxes Expenses |
9,470,753 |
34,541,170 |
- |
|
Net Income |
216,502,603 |
490,912,862 |
2,551,135,462 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
3,334,306,599 |
3,021,037,945 |
3,594,899,862 |
|
-Net Income |
216,502,603 |
490,912,862 |
2,551,135,462 |
|
-Exp. without Cash Outflow |
4,009,429,968 |
4,571,224,517 |
1,681,884,233 |
|
-Revenue without Cash Inflows |
-2,846,000 |
-1,313,566,559 |
-2,107,789,317 |
|
-Changes in Asset/ & Liability |
-888,779,972 |
-727,532,875 |
1,469,669,484 |
|
Cash Flows from Investing |
-1,356,455,539 |
-5,773,314,454 |
-3,531,030,437 |
|
-Cash Inflow from Investing |
3,896,021,513 |
4,146,771,178 |
3,049,383,960 |
|
-Cash Outflows for Investing |
-5,252,477,052 |
-9,920,085,632 |
-6,580,414,397 |
|
Cash Flows from Financing |
-1,194,829,850 |
2,464,573,878 |
-468,821,267 |
|
-Cash Inflows from Financing |
1,179,655,480 |
3,380,118,378 |
- |
|
-Cash Outflows from Financing |
-2,374,485,330 |
-915,544,500 |
-468,821,267 |
|
Increase/Decrease in Cash |
783,021,210 |
-287,702,631 |
404,951,842 |
|
Cash at the Beginning of Year |
873,169,978 |
1,160,872,609 |
1,565,824,451 |
|
Cash at the End of Year |
1,656,191,188 |
873,169,978 |
1,160,872,609 |
(*)The Subject
needs to be monitored because total Liabilities exceed total Assets as much as 8,058,000,000 KRW.
|
Main Products & Services |
Frozen Dumpling, Frozen Fried Rice, Frozen Noodle, Frozen Meat
Products |
|
Competitors |
SAMYANG CORPORATION(110111-0026181) 263, YEONJI-DONG, JONGNO-GU, SEOUL, KOREA TEL:+82-2-740-7114 FAX:+82-2-743-7720 TS CORPORATION(120111-0018368) 6-14, BUKSEONGDONG 1-GA, JUNG-GU, INCHEON,
KOREA TEL:+82-32-770-1400 FAX:+82-32-770-1601 DAESANG CORPORATION(110111-0327125) DAESANG BLDG., 96-48, SINSEOL-DONG,
DONGDAEMUN-GU, SEOUL, KOREA TEL:+82-2-2220-9500 FAX:+82-2-2232-3719 |
(Activity & Markets)
The Subject exports
to Europe, Japan and China.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
UK Pound |
1 |
Rs.87.78 |
|
Euro |
1 |
Rs.71.29 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.