|
Report Date : |
21.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
ILSHIN SPINNING CO., LTD. |
|
|
|
|
Registered Office : |
15-15, Yeouido-dong, Yeongdeungpo-gu, Seoul, Korea Ilshin Bldg. 150-872 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
11.03.1951 |
|
|
|
|
Com. Reg. No.: |
116-81-40780 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Cotton Spinning |
|
|
|
|
No. of Employees : |
1,082 |
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 |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
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 |
|
Company
Name |
ILSHIN SPINNING CO., LTD. |
|
Registered
Address |
15-15,
Yeouido-dong, Yeongdeungpo-gu, Seoul, Korea |
|
Building |
Ilshin
Bldg. |
|
Zip
Code |
150-872 |
|
Tel |
+82-2-3774-0114 |
|
Fax |
+82-2-786-5891~3 |
|
E-mail |
grchoi@ilshin.co.kr;cwlee@ilshin.co.kr;donghkim@ilshin.co.kr |
|
Website |
www.ilshin.co.kr |
|
Trading
Address |
15-15, Yeouido-dong, Yeongdeungpo-gu, Seoul, Korea (C.P.O.BOX 91) (New
Address System : 11, Eunhaeng-ro, Yeongdeungpo-gu, Seoul, Korea) |
|
Tel |
+82-2-3774-0114 |
|
Fax |
+82-2-786-5891~3 |
|
Other
Address-Gwangju Factory |
100,
Im-dong, Buk-gu, Gwangju, Korea |
|
Tel |
+82-62-510-5111 |
|
Fax |
+82-62-570-5105 |
|
Other
Address-Cheongwon Factory |
231-1,
Seongsan-ri, Ochang-myeon, Cheongwon-gun, Chungcheongbuk-do, Korea |
|
Tel |
+82-43-219-3114 |
|
Fax |
+82-43-219-3119 |
|
Other
Address-Banwol Factory |
644-1,
Choji-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-489-4604~5 |
|
Fax |
+82-31-489-4600 |
|
Type |
Export/Import |
|
Industry |
Cotton
Spinning |
|
Main Business |
Cotton
spun yarn, P/C blended spun yarn, P/C blended fabric, Combed Cotton Yarns,
Melange Yarns, Core Spun Yarns, Blended Yarns, OE Yarns, Dyed Yarns, Dyed
Fabrics, Cotton Fabrics, Knitted Fabrics, Modal Yarn |
|
Established
(mm/dd/yyyy) |
11/03/1951 |
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Yarns(11151700) -Garment
Use Yarns spun with raw cotton & top dyed fibre. |
|
Sell |
Cotton
fabrics(11161700) |
|
Sell |
Knit
synthetic fabrics(11161804) |
|
Sell |
Dyeing
or printing or finishing services(73141706) |
|
Sell |
Threads(11151600) |
|
Sell |
Synthetic
fabrics(11161800) |
|
Buy |
Cotton(11121802) |
|
Name |
Kim
Young-Ho |
|
Address |
|
|
Date
of Birth |
03/09/1944 |
|
Title |
Chairman
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital
(KRW) |
12,000,000,000 |
|||||||||||||||||||||
|
Employees |
1,082 |
|||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange : 003200 ) as of 03/1999 A
company of ILSHIN SPINNING CO., LTD. |
|||||||||||||||||||||
|
Bank
Details |
Citi Bank, Korea Seo
Yoido Branch |
|||||||||||||||||||||
|
Corporate
Registered No. |
110111-0041717 |
|||||||||||||||||||||
|
Business
Registered No. |
116-81-40780 |
|||||||||||||||||||||
|
Permit
& Licenses |
01/2000 ISO 9002 Int’l
Trade No.: 672139 |
|||||||||||||||||||||
|
Shareholder
Position |
|
|||||||||||||||||||||
|
Company
History |
11/03/1951 Incorporated as the present name 03/1995 Awarded The Presidential Prize on the Tax Day 04/2004
Awarded The Commissioner Prize of National Tax Office on the Tax Day |
|||||||||||||||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Nationality |
Date
of Birth |
Education |
|
Chairman
& CEO |
Mr. |
Kim
Young-Ho |
Korean |
1944-03-09 |
New
Yok Pratt Institute, USA |
|
President
& CEO |
Mr. |
Kim
Jung Soo |
Korean |
1963-06-15 |
University
of Biola, USA |
|
Executive
Director |
Mr. |
Kim
Min-Soo |
Korean |
1966-09- |
Chapman
University, USA |
|
Executive
Director |
Mr. |
Han
Maeng-Yong |
Korean |
1951-01-11 |
Jeonju
Technical High School, Korea |
|
Director |
Mr. |
Ko
Jeong-Seock |
Korean |
1957-05-22 |
Seoul
National University, Korea |
|
Outside
Director |
Mr. |
Shin
Young-Moo |
Korean |
1944-03-02 |
Seoul
National University, Korea |
|
Outside
Director |
Mr. |
Song
Ja |
Korean |
1936-12-02 |
Yonsei
University, Korea |
|
Auditor |
Mr. |
Jeong
Young-Sik |
Korean |
1959-09-16 |
Sogang
University, Korea |
|
Auditor |
Mr. |
Kim
Jae-Hak |
Korean |
1948-09-27 |
Seoul
National University, Korea |
|
Year
/ Unit : KRW |
Sales |
Assets |
Net
Income |
|
250,129,996,041 |
534,012,033,536 |
-11,203,908,255 |
|
|
(*)2011 |
380,131,312,496 |
570,909,115,439 |
1,101,455,649 |
|
(*)2010 |
374,483,214,849 |
601,433,022,867 |
46,626,986,390 |
(*)Figures are
based on the K-IFRS Accounting System.
|
Authorized
Capital(KRW) |
30,000,000,000 |
|
Paid-Up
Capital(KRW) |
12,000,000,000 |
|
Total
Issued Shares |
2,400,000 |
Balance Sheet
|
Unit : Korean Won |
As
of 12/31/2011 |
As
of 12/31/2010 |
As
of 12/31/2009 |
|
Total Assets |
534,012,033,536 |
570,909,115,439 |
601,433,022,867 |
|
Current Assets |
152,257,491,873 |
185,083,375,044 |
173,521,365,616 |
|
Cash & Cash Equivalents |
16,247,263,816 |
27,927,031,709 |
1,345,173,637 |
|
Current Financial Instruments |
24,000,000,000 |
15,733,927,451 |
52,818,241,813 |
|
Derivatives |
0 |
72,554,432 |
0 |
|
Trade Receivables & Other
Receivables |
40,193,815,304 |
45,872,715,710 |
53,352,496,034 |
|
Other Current Assets |
1,254,920,323 |
821,123,363 |
704,372,842 |
|
Inventories |
70,451,048,700 |
90,692,482,226 |
65,301,081,290 |
|
Accrued Income Tax |
110,443,730 |
3,963,540,153 |
0 |
|
Non-Current Assets |
381,754,541,663 |
385,825,740,395 |
427,911,657,251 |
|
Marketable Financial Instruments |
22,080,201,273 |
19,899,377,760 |
50,159,199,970 |
|
Other Financial Assets |
604,252,345 |
2,500,000 |
84,230,000 |
|
Non-Current Financial Instruments |
381,327,470 |
381,387,470 |
434,387,470 |
|
Investment_Subsidiaries |
112,847,645,207 |
112,847,645,207 |
112,847,645,207 |
|
Tangibles |
154,739,303,705 |
165,087,506,766 |
173,617,442,506 |
|
Investment_Real Estates |
89,530,195,402 |
86,015,469,379 |
89,077,211,575 |
|
Intangibles |
1,571,616,261 |
1,591,853,813 |
1,691,540,523 |
|
Total Liabilities |
68,481,687,849 |
91,043,383,006 |
95,309,223,561 |
|
Current Liabilities |
41,275,836,463 |
54,149,980,774 |
55,059,019,433 |
|
Short-Term Borrowings |
21,109,387,769 |
24,850,049,097 |
12,364,562,882 |
|
Trade Payables & Other
Payables |
20,166,448,694 |
29,299,931,677 |
29,257,830,078 |
|
Deferred Income Tax Credit |
0 |
0 |
13,436,626,473 |
|
Non-Current Liabilities |
27,205,851,386 |
36,893,402,232 |
40,250,204,128 |
|
Long-Term Borrowings |
5,951,189,183 |
11,838,173,708 |
7,398,588,593 |
|
Derivatives |
0 |
0 |
98,401,718 |
|
Other Non-Current Liabilities |
9,444,298,202 |
8,952,895,022 |
8,607,764,662 |
|
Deferred Income Tax Credit |
11,810,364,001 |
16,102,333,502 |
24,145,449,155 |
|
Capital Stock |
12,000,000,000 |
12,000,000,000 |
12,000,000,000 |
|
Capital Surplus |
5,927,607,486 |
6,815,200,156 |
8,735,289,046 |
|
Others |
4,875,558,534 |
4,809,949,355 |
23,371,443,878 |
|
Profit Surplus |
442,727,179,667 |
456,240,582,922 |
462,017,066,382 |
|
Total Equity |
465,530,345,687 |
479,865,732,433 |
506,123,799,306 |
|
Liab. & Shareholder’s Equity |
534,012,033,536 |
570,909,115,439 |
601,433,022,867 |
Income Statement
|
Unit : Korean Won |
As
of 12/31/2011 |
As
of 12/31/2010 |
As
of 12/31/2009 |
|
Sales |
250,129,996,041 |
380,131,312,496 |
374,483,214,849 |
|
Cost of Sold Goods |
259,625,633,536 |
387,348,067,354 |
309,379,235,036 |
|
Gross Profit |
-9,495,637,495 |
-7,216,754,858 |
65,103,979,813 |
|
Selling & Admin. Expenses |
7,951,052,525 |
10,876,510,468 |
11,848,287,614 |
|
Other Operating Income |
1,063,354,645 |
2,089,737,610 |
4,357,124,816 |
|
Other Operating Expenses |
1,387,432,879 |
2,840,278,349 |
3,515,763,476 |
|
Operating Income |
-17,770,768,254 |
-18,843,806,065 |
54,097,053,539 |
|
Finance Income |
3,514,754,977 |
22,570,344,632 |
6,838,691,559 |
|
Finance Expenses |
447,880,065 |
2,807,733,313 |
543,076,451 |
|
Income Before Taxes |
-14,703,893,342 |
918,805,254 |
60,392,668,647 |
|
Income Taxes Expenses |
-3,499,985,087 |
182,650,395 |
13,765,682,257 |
|
Net Income |
-11,203,908,255 |
1,101,455,649 |
46,626,986,390 |
Cash Flows
|
Unit : Korean Won |
As
of 12/31/2011 |
As
of 12/31/2010 |
As
of 12/31/2009 |
|
Operating Activities Cash Flows |
14,468,385,449 |
-43,138,464,680 |
62,211,129,563 |
|
Net Income |
-11,203,908,255 |
1,101,455,649 |
46,626,986,390 |
|
Adjustment |
20,512,130,376 |
-28,052,953,874 |
15,400,258,855 |
|
Interests Received |
789,697,425 |
794,808,247 |
496,703,172 |
|
Interests Paid |
-265,368,851 |
-704,454,833 |
-496,187,541 |
|
Dividends Received |
1,593,227,900 |
0 |
1,921,696,497 |
|
Income Taxes |
3,042,606,854 |
-16,277,319,869 |
-1,738,327,810 |
|
Cash Flows from Investing |
-14,015,290,484 |
63,290,793,116 |
-56,415,392,497 |
|
Cash Flows from Financing |
-12,132,802,685 |
6,429,533,299 |
-5,779,110,992 |
|
Increase/Decrease in Cash |
-11,679,767,893 |
26,581,858,072 |
16,217,273 |
|
Cash at the Beginning of Year |
27,927,031,709 |
1,345,173,637 |
1,328,956,364 |
|
Cash at the End of Year |
16,247,263,816 |
27,927,031,709 |
1,345,173,637 |
|
Main
Products & Services |
Combed yarns are the Subject Company's main products. The Subject
Company is biggest combed cotton yarn spinning mill in Korea which has
production capacity of 2,500 tons per month. Brand
Name : THREE STAR |
|
Suppliers |
The Subject imports cotton 100% from Australia, USA, Brazil and
Greece, and imports yarn from Pakistan and Vietnam. HUVIS-Polyester Oh
Young Industrial Co., Ltd.-Chemicals for Dyes |
|
Customers |
Sales Channel Domestic : Domestic Direct Buyers ( 26%) Local Export: Fabric Exporters (62%) Export: Overseas Direct Buyers (12%) Conditions Export: L/C, BANK CHEQUE, T/T Domestic:
Cash and Credit |
|
Competitors |
The
subject is 1st player in the domestic market among Jeon Bang,
Kyung Bang and Dong Il Spinning. |
|
Affiliates |
ILSHIN INVESTMENT CO., LTD.(200111-0020308) ILSHIN INDUSTRY DEVELOPMENT CO., LTD.(110111-0790877) SHIN DONG CORPORATION(110111-0006159) SHIN DONG WINE CO., LTD.(110111-0744072) SHIN DONG WINE SALES CO., LTD.(110111-0965454) BSK CORPORATION (110111-1358616) WELBEING
SPA CO., LTD.(110111-1433905) |
|
Overseas
Office |
HONG KONG OFFICE #913, KWAI CHEONG CENTER, 40-52, KWAI CHEONG ROAD, KWAI CHUNG, N.T.
HONG KONG TEL: +852-2573-3664 FAX:
+852-2573-3755 USA OFFICE 2517 W. 237TH ST. #B TORRANCE. CA 90505 USA TEL:+1-310-541-6871 FAX
+1-310-265-8561 E-MAIL:
ENXENLA@HOTMAIL.COM |
|
Liaison
Office |
|
|
Overseas
Branch |
|
|
Joint
Venture |
|
|
Subsidiary |
|
|
Corporate
Ownership |
|
|
Major
Shareholders |
|
|
Cooperative
Enterprise |
|
|
Sales/
Unit :Mil KRW |
09/2012 |
2011 |
2010 |
|
Export |
163,869 |
254,557 |
274,765 |
|
Domestic |
86,261 |
125,574 |
99,718 |
|
Total |
250,130 |
380,131 |
374,483 |
The Subject deals with the companies in Taiwan, Singapore, Japan, China,
Thailand and Hong Kong. The Subject imports from Brazil, USA and India.
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
UK Pound |
1 |
Rs.89.11 |
|
Euro |
1 |
Rs.72.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.