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Report Date : |
22.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
TEXLAND & NEXKO CO., LTD. |
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Registered Office : |
1-187, Woram-dong, Dalseo-gu, Daegu, Korea 704-832 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
11.04.2000 |
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Com. Reg. No.: |
503-81-45029 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Spinning of Other Textile Fibers |
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No. of Employees : |
33 |
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 |
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Payment Behaviour : |
Slow but correct |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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 |
TEXLAND &
NEXKO CO., LTD. (Korean Company
Name : “(주)텍스랜드앤넥스코”) |
|
Registered Address |
1-187, Woram-dong, Dalseo-gu, Daegu, Korea |
|
Zip Code |
704-832 |
|
Tel |
+82-53-582-0010 |
|
Fax |
+82-53-582-3310 |
|
E-mail |
eric@texland.co.kr |
|
Trading Address |
1-187, Woram-dong, Dalseo-gu, Daegu, Korea (New Address System : 8,
Seongseogongdan-ro 22-gil, Dalseo-gu, Daegu, Korea) |
|
Tel |
+82-53-582-0010 |
|
Fax |
+82-53-582-3310 |
|
Other Address-Sales Office |
Rm.207, Suntech City, 513-15,
Sangdaewon-dong, Jungwon-gu, Seongnam-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-777-1741 |
|
Type |
Export |
|
Industry |
Spinning of Other Textile Fibers |
|
Main Business |
Cotton Yarn, Angora Yarn, Nylon Yarn, Polyester Yarn |
|
Established (mm/dd/yyyy) |
04/11/2000 |
The Subject owns
the premises of registered HQ address and Sales Office.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Cotton thread(11151601) |
|
Sell |
Threads(11151600) |
|
Name |
Kim Il-Han |
|
Address |
1-187, Woram-dong, Dalseo-gu, Daegu, Korea |
|
Date of Birth |
10/25/1962 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,000,000,000 |
||||||||||||
|
Employees |
33 |
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Formation |
Co., Ltd by shares |
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Bank Details |
Industrial Bank of Korea Shinhan Bank Korea Exchange Bank |
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Corporate Registered No. |
170111-0171314 |
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Business Registered No. |
503-81-45029 |
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Permit & Licenses |
Int’l Trade No.: 13076177 |
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Shareholder Position |
|
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Company History |
04/11/2000 Incorporated as NEXKO CO., LTD. 11/15/2001 Increased the authorized shares
to 500,000 shares from 80,000 shares 11/16/2001 Increased capital to 500,000,000
KRW from 100,000,000 KRW 07/19/2002 Moved to the present HQ address
from 358-174, Galsan-dong, Dalseo-gu, Daegu, Korea 10/31/2005 Changed company name to the
present name 11/01/2005 Increased capital to 800,000,000
KRW from 500,000,000 KRW 11/01/2005 Acquired TEXLAND CO., LTD. 04/25/2007 Designated as a Venture Business 03/29/2008 Increased capital to
1,000,000,000 KRW from 800,000,000 KRW 04/25/2009 Designated as a
Venture Business again |
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Kim Il-Han |
Male |
Korean |
04/11/2000 |
|
Director |
Mr. |
Lee Byung-Taik |
Male |
Korean |
03/18/2008 |
|
Director |
Mr. |
Kim Ji-Han |
Male |
Korean |
03/18/2008 |
|
Auditor |
Mr. |
Kim Ok-Yeon |
Male |
Korean |
10/31/2005 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
27,338,711,198 |
13,708,056,284 |
-1,540,257,221 |
|
|
2010 |
26,129,306,346 |
14,947,810,578 |
923,976,608 |
|
2009 |
21,737,277,094 |
14,107,314,916 |
941,408,126 |
|
2008 |
25,732,011,483 |
17,321,809,328 |
1,041,483,362 |
|
2007 |
21,131,146,127 |
18,178,049,661 |
823,418,947 |
|
2006 |
19,230,914,289 |
17,890,849,744 |
14,672,207 |
|
2005 |
7,141,425,709 |
19,179,874,310 |
35,141,239 |
|
Authorized Capital(KRW) |
2,500,000,000 |
|
Paid-Up Capital(KRW) |
1,000,000,000 |
|
Total Issued Shares |
200,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
13,708,056,284 |
14,947,810,578 |
14,107,314,916 |
|
Current Assets |
7,251,604,451 |
8,617,785,871 |
7,558,403,237 |
|
-Quick Assets |
5,643,699,800 |
6,587,791,959 |
5,590,962,870 |
|
-Inventories |
1,607,904,651 |
2,029,993,912 |
1,967,440,367 |
|
Fixed Assets |
6,456,451,833 |
6,330,024,707 |
6,548,911,679 |
|
-Investment |
230,134,373 |
486,097,954 |
406,367,878 |
|
-Tangibles |
5,978,690,463 |
5,556,925,352 |
5,917,035,342 |
|
-Intangibles |
155,261,277 |
194,953,681 |
221,918,459 |
|
-Others |
92,365,720 |
92,047,720 |
3,590,000 |
|
Total Liabilities |
5,785,879,338 |
4,991,376,411 |
5,074,857,357 |
|
Current Liabilities |
2,894,216,868 |
3,935,847,906 |
4,343,604,971 |
|
Fixed Liabilities |
2,891,662,470 |
1,055,528,505 |
731,252,386 |
|
Capital Stock |
1,000,000,000 |
1,000,000,000 |
1,000,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
6,922,176,946 |
8,956,434,167 |
8,032,457,559 |
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Capital Adjustment |
|
|
|
|
Total Equity |
7,922,176,946 |
9,956,434,167 |
9,032,457,559 |
|
Liab. & Shareholder’s Equity |
13,708,056,284 |
14,947,810,578 |
14,107,314,916 |
|
Current Liabilities |
2,894,216,868 |
3,935,847,906 |
4,343,604,971 |
|
Trade Payables |
1,572,598,852 |
2,047,359,219 |
1,413,758,628 |
|
Short-Term Borrowings |
561,432,235 |
1,109,000,000 |
2,386,000,000 |
|
Account Payables |
411,653,882 |
458,086,291 |
332,090,999 |
|
Withholdings |
60,662,020 |
58,652,085 |
33,164,625 |
|
Advance Receipts |
63,139,768 |
40,242,299 |
8,721,073 |
|
Accrued Expenses |
45,455,412 |
80,258,342 |
64,875,649 |
|
Unearned Income |
3,063,699 |
38,558,048 |
31,023,974 |
|
Accrued Income Tax |
176,211,000 |
103,691,622 |
73,970,023 |
|
Fixed Liabilities |
2,891,662,470 |
1,055,528,505 |
731,252,386 |
|
Provision for Severance & Retirement |
2,891,662,470 |
1,055,528,505 |
731,252,386 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
27,338,711,198 |
26,129,306,346 |
21,737,277,094 |
|
Cost of Sold Goods |
23,931,460,924 |
21,817,715,815 |
17,902,136,433 |
|
Gross Profit |
3,407,250,274 |
4,311,590,531 |
3,835,140,661 |
|
Selling & Admin. Expenses |
4,773,516,446 |
3,087,589,996 |
2,329,112,542 |
|
Operating Income |
-1,366,266,172 |
1,224,000,535 |
1,506,028,119 |
|
Non-Operating Income |
621,420,968 |
514,521,651 |
933,197,037 |
|
Non-Operating Expenses |
601,186,325 |
666,262,316 |
1,394,899,397 |
|
Income Before Taxes |
-1,346,031,529 |
1,072,259,870 |
1,044,325,759 |
|
Income Taxes Expenses |
194,225,692 |
148,283,262 |
102,917,633 |
|
Net Income |
-1,540,257,221 |
923,976,608 |
941,408,126 |
Cash Flows
|
|||
|
Unit :
Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows
from Operating |
1,707,179,535 |
1,189,996,203 |
4,680,965,339 |
|
-Net Income |
-1,540,257,221 |
923,976,608 |
941,408,126 |
|
-Exp.
without Cash Outflow |
2,388,949,482 |
900,559,217 |
804,343,172 |
|
-Revenue without
Cash Inflows |
-886,721 |
-16,072 |
-127,531 |
|
-Changes in
Asset/ & Liability |
859,373,995 |
-634,523,550 |
2,935,341,572 |
|
Cash Flows
from Investing |
-908,338,023 |
-260,089,340 |
-340,311,124 |
|
-Cash Inflow
from Investing |
263,036,308 |
36,363 |
246,402,300 |
|
-Cash
Outflows for Investing |
-1,171,374,331 |
-260,125,703 |
-586,713,424 |
|
Cash Flows
from Financing |
-1,041,567,765 |
-1,277,000,000 |
-4,133,310,375 |
|
-Cash
Inflows from Financing |
|
|
|
|
-Cash Outflows
from Financing |
-1,041,567,765 |
-1,277,000,000 |
-4,133,310,375 |
|
Increase/Decrease
in Cash |
-242,726,253 |
-347,093,137 |
207,343,840 |
|
Cash at the
Beginning of Year |
823,435,087 |
1,170,528,224 |
963,184,384 |
|
Cash at the
End of Year |
580,708,834 |
823,435,087 |
1,170,528,224 |
|
Main Products & Services |
Cotton Yarn, Angora Yarn, Nylon Yarn, Polyester Yarn |
|
Competitors |
SAMIL SPINNING
CO., LTD. 2-1, GAYA-RI, JILLYANG-EUP, GYEONGSAN-SI, GYEONGSANGBUK-DO, KOREA TEL:+82-53-817-3131~6 FAX:+82-53-817-3139 JEIL SYNTHETIC FIBERS CO., LTD. RM. 1501, GANGNAM BLDG., 1321-1, SEOCHO
2-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-597-3202~3 FAX:+82-2-581-9224 SEWON ENTERPRISE CO., LTD. 976-4, GEUMSAN-RI, WAEGWAN-EUP,
CHILGOK-GUN, GYEONGSANGBUK-DO, KOREA TEL:+82-54-973-6321 FAX:+82-54-973-1659 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
SUZHOU TEXCO TRADING CO., LTD.(CHINA) (60.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
(Activity &
Markets)
Not Available.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.08 |
|
|
1 |
Rs.89.53 |
|
Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.