MIRA INFORM REPORT
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Report Date : |
21.01.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
SUHRYUNG CORPORATION |
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Registered Office : |
670-4, Deungchon 2-dong, Gangseo-gu, Seoul, Korea, 7th Fl., Seoryung Bldg., Xip Code157-844 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2008 |
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Date of Incorporation : |
18.03.1987 |
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Com. Reg. No.: |
607-81-26488 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Weaving of Man-Made Fiber Fabrics |
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No. of Employees
: |
55 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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South Korea |
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 |
Basic
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Company Name |
SUHRYUNG
CORPORATION (Korean Company Name
: “(주)서륭”) |
|
Registered Address |
670-4, Deungchon 2-dong, Gangseo-gu,
Seoul, Korea |
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Building |
7th Fl., Seoryung Bldg. |
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Zip Code |
157-844 |
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Tel |
+82-2-3660-5631 |
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Fax |
+82-2-3660-5656 |
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E-mail |
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Trading Address |
7th Fl., Seoryung Bldg., 670-4, Deungchon
2-dong, Gangseo-gu, Seoul, Korea |
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Tel |
+82-2-3660-5631 |
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Fax |
+82-2-3660-5656 |
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Other Address-Gimhae Factory |
348, Sincheon-ri, Hallim-myeon, Gimhae-si,
Gyeongsangnam-do, Korea |
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Tel |
+82-55-343-0193 |
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Fax |
+82-55-343-0804 |
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Type |
Export/Import |
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Industry |
Weaving of Man-Made Fiber Fabrics |
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Main Business |
Spandex Fabrics |
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Established (mm/dd/yyyy) |
03/18/1987 |
The Subject owns
the premises of registered HQ address and Gimhae Factory.
Detailed Products
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Activity |
Detailed Products (UNSPSC) |
|
Sell |
Synthetic fabrics(11161800) |
CEO’s
|
Name |
Chung Yong-Hwan |
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Address |
660-2, Yeocha-ri,
Sangdong-myeon, Gimhae-si, Gyeongsangnam-do, Korea |
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Date of Birth |
02/13/1952 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital (KRW) |
5,217,090,000 |
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Employees |
55 |
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Formation |
Co., Ltd by Shares |
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Bank Details |
Busan Bank Korea Exchange Bank |
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Corporate Registered No. |
180111-0072130 |
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Business Registered No. |
607-81-26488 |
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Permit & Licenses |
N/A |
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Shareholder Position |
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Company History |
1968 Established as TAENAM TEXTILE
INDUSTRIES CO.(Sole Proprietorship) 1970 Changed company name to SUHRYUNG TEXTILE INDUSTRIES CO.(Sole Proprietorship) 03/18/1987 Incorporated as the present name 10/16/2002 Moved to the present HQ address
from 1438-1, Oncheon-dong, Dongnae-gu, Busan, Korea 12/04/2002 Decided to start Corporate
Clearing Procedure by Seoul District Court 12/06/2003 Increased the authorized shares
to 2,000,000 shares from 600,000 shares 12/28/2003 Increased capital to
5,217,090,000 KRW from 4,455,000,000 KRW 02/26/2004 Decided to finish Corporate
Clearing Procedure by Seoul District Court |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Chung Yong-Hwan |
Male |
Korean |
06/01/2006 |
|
Director |
Mr. |
Park Joo-Cheol |
Male |
Korean |
03/21/2007 |
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Director |
Mr. |
Lee Chang-Yeol |
Male |
Korean |
03/18/2009 |
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Auditor |
Mr. |
Han Jong-Hoon |
Male |
Korean |
03/21/2007 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
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2009 |
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2008 |
10,445,142,715 |
9,061,433,407 |
-951,732,521 |
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2007 |
12,905,160,020 |
19,666,392,485 |
-2,647,682,935 |
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2006 |
11,911,955,466 |
20,931,754,789 |
111,815,570 |
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2005 |
15,549,028,774 |
19,508,568,506 |
-2,083,244,424 |
The latest financials
are not available, and the Subject Company does not have any obligations to
release its financials to the public.
Financial Description
|
Authorized Capital(KRW) |
10,000,000,000 |
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Paid-Up Capital(KRW) |
5,217,090,000 |
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Total Issued Shares |
1,043,418 |
Balance
Sheet
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|||
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Unit : Korean Won |
As of 12/31/2009 |
As of 12/31/2008 |
As of 12/31/2007 |
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Total Assets |
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9,061,433,407 |
19,666,392,485 |
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Current Assets |
|
5,379,609,106 |
4,222,817,792 |
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-Quick Assets |
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3,321,793,916 |
2,161,847,686 |
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-Inventories |
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2,057,815,190 |
2,060,970,106 |
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Fixed Assets |
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3,681,824,301 |
15,443,574,693 |
|
-Investment |
|
390,000 |
100,605,000 |
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-Tangibles |
|
2,622,492,312 |
15,310,236,871 |
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-Intangibles |
|
40,693,989 |
14,484,822 |
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-Others |
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1,018,248,000 |
18,248,000 |
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Total Liabilities |
|
2,007,601,157 |
11,660,827,714 |
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Current Liabilities |
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1,567,211,274 |
11,068,898,952 |
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Fixed Liabilities |
|
440,389,883 |
591,928,762 |
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Capital Stock |
|
5,217,090,000 |
5,217,090,000 |
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Capital Surplus |
|
24,350,720,976 |
24,350,720,976 |
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Profit Surplus |
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-22,513,978,726 |
-21,562,246,205 |
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Capital Adjustment |
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Total Equity |
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7,053,832,250 |
8,005,564,771 |
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Liab. & Shareholder’s Equity |
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9,061,433,407 |
19,666,392,485 |
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Current
Liabilities |
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1,567,211,274 |
11,068,898,952 |
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Trade Payables |
|
320,134,909 |
1,961,759,161 |
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Short-Term Borrowings |
|
724,863,929 |
4,479,013,019 |
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Account Payables |
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185,113,739 |
225,053,839 |
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Accrued Expenses |
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9,814,229 |
29,835,430 |
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Advance Receipts |
|
147,628,311 |
26,616,450 |
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VAT Withhold |
|
132,954,129 |
- |
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Withholdings |
|
46,702,028 |
17,976,585 |
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Current Portion of Convertible Bonds |
|
- |
4,450,000,000 |
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Fixed
Liabilities |
|
440,389,883 |
591,928,762 |
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Provision for Severance & Retirement |
|
418,829,822 |
401,742,872 |
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Leasehold Deposit Received |
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123,451,000 |
286,451,000 |
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Long-Term Account Payables |
|
- |
16,000,000 |
Income
Statement
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Sales |
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10,445,142,715 |
12,905,160,020 |
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Cost of Sold Goods |
|
8,231,754,164 |
11,490,093,353 |
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Gross Profit |
|
2,213,388,551 |
1,415,066,667 |
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Selling & Admin. Expenses |
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2,952,486,349 |
3,392,959,213 |
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Operating Income |
|
-739,097,798 |
-1,977,892,546 |
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Non-Operating Income |
|
849,610,545 |
171,183,688 |
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Non-Operating Expenses |
|
1,062,245,268 |
840,974,077 |
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Income Before Taxes |
|
-951,732,521 |
-2,647,682,935 |
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Income Taxes Expenses |
|
- |
- |
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Net Income |
|
-951,732,521 |
-2,647,682,935 |
Cash
Flows
|
|||
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Unit :
Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Cash Flows
from Operating |
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-899,376,539 |
-1,782,047,526 |
|
-Net Income |
|
-951,732,521 |
-2,647,682,935 |
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-Exp.
without Cash Outflow |
|
908,380,170 |
904,155,692 |
|
-Revenue
without Cash Inflows |
|
-413,623,657 |
-10,948,764 |
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-Changes in
Asset/ & Liability |
|
-442,400,531 |
-27,571,519 |
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Cash Flows
from Investing |
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10,070,736,219 |
696,617,645 |
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-Cash Inflow
from Investing |
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19,567,940,625 |
859,000,000 |
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-Cash
Outflows for Investing |
|
-9,497,204,406 |
-162,382,355 |
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Cash Flows
from Financing |
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-8,532,456,125 |
860,073,715 |
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-Cash
Inflows from Financing |
|
11,948,075,839 |
15,374,260,849 |
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-Cash
Outflows from Financing |
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-20,480,531,964 |
-14,514,187,134 |
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Increase/Decrease
in Cash |
|
638,903,555 |
-225,356,166 |
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Cash at the
Beginning of Year |
|
137,369,421 |
362,725,587 |
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Cash at the End of Year |
|
776,272,976 |
137,369,421 |
Products, Technologies, Services Description
|
Main Products & Services |
Spandex Fabric |
Trade Partners & Competitors
|
Competitors |
DO BEST CO., LTD. 105-112, GONGDEOK-DONG, MAPO-GU, SEOUL,
KOREA TEL:+82-2-3271-3800 FAX:+82-2-3271-3899 DREAM SEEKERS INC. RM. 2410, MASTERS TOWER BLDG., 553,
DOHWA-DONG, MAPO-GU, SEOUL, KOREA TEL:+82-2-3275-5111~2 FAX:+82-2-3275-5113 HANWOO CORPORATION 4TH FL., 322-21, HAENGDANG 2-DONG,
SEONGDONG-GU, SEOUL, KOREA TEL:+82-2-2299-9100~8 FAX:+82-2-2299-9109 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
Sales by Region
(Activity &
Markets)
The Subject deals
with the companies in China, Malaysia, UK and USA.
Court Action
No.
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.33 |
|
UK Pound |
1 |
Rs.77.97 |
|
Euro |
1 |
Rs.65.07 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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.