MIRA INFORM REPORT

 

 

Report Date :           

31.03.2012

 

IDENTIFICATION DETAILS

 

Name :

NAMYUNG COMMERCIAL CO., LTD.

 

 

Registered Office :

10-1, Myeongnyundong 1-ga, Jongno-gu, Seoul, Korea, Zip Code 110-521

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

10.03.1958

 

 

Com. Reg. No.:

208-81-11172

 

 

Legal Form :

Co., Ltd by share

 

 

Line of Business :

Wholesale of Other Prepared Food

 

 

No. of Employees :

34

 

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 :

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

NAMYUNG COMMERCIAL CO., LTD.

(Trade Name : NYC)

(Korean Company Name : “남영상사(주)”)

Registered Address

10-1, Myeongnyundong 1-ga, Jongno-gu, Seoul, Korea

Zip Code

110-521

Tel

+82-2-745-1931

Fax

+82-2-744-0496

E-mail

nycco@chollian.net

Website

www.namyung.com

Trading Address

Bukchang Bldg., 20-6, Bukchang-dong, Jung-gu, Seoul, Korea

Tel

+82-2-777-9351~4

Fax

+82-2-774-7130  +82-2-774-2291

Other Address-Warehouse

276-10, Ssangnim-dong, Jung-gu, Seoul, Korea

Tel

+82-2-2267-9829

Fax

+82-2-2268-0038

Other Address-Busan Branch

24-5, Bupyeongdong 3-ga, Jung-gu, Busan, Korea

Tel

+82-51-247-2094

Fax

+82-51-243-5407

Type

Export/Import

Industry

Wholesale of Other Prepared Food

  Main Business

Food Flavors, Olive Oil, Flavor

Established (mm/dd/yyyy)

03/10/1958

The Subject owns the premises of registered HQ address.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Herbs and spices and extracts(50171500)

Sell

Artificial sweetening agents(50161510)

Sell

Emulsions(12161804)

Sell

Edible vegetable or plant oils(50151513)

 

 

CEO’s

 

Name

Chung Kie-Ryun

Address

118-1, Hwasan-ri, Idong-myeon, Cheoin-gu, Yongin-si, Gyeonggi-do, Korea

Date of Birth

09/27/1954

Title

President & CEO

Sex

Male

Nationality

Korean

 

Profiles

 

Capital (KRW)

1,500,000,000

Employees

34

Formation

Co., Ltd by shares

Bank Details

Shinhan Bank-Namdaemun Branch

Hana Bank

Woori Bank

Corporate Registered No.

110111-0014152

Business Registered No.

208-81-11172

Permit & Licenses

Int’l Trade No.: 672373

Shareholder Position

Name

Shares

%

CHUNG KIE-RYUN & HIS FAMILY

192,573

64.19

OTHERS

107,427

35.81

TOTAL

300,000

100.00

Company History

03/10/1958 Incorporated as the present name

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Chung Kie-Ryun

Male

Korean

03/20/1992

Director

M/S.

Hong Young-Soon

Female

Korean

12/20/2004

Director

Mr.

Kim Kyung-Soo

Male

Korean

12/20/2004

Auditor

Mr.

Park Soon-Baik

Male

Korean

06/20/1998

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2010

18,871,192,386

17,014,068,388

1,051,801,185

2009

20,520,455,217

16,682,924,896

  1,745,760,168

2008

 17,573,545,341

14,767,133,242

     304,596,890

2007

14,349,761,238

14,462,451,891

670,875,032

2006

12,610,244,832

14,356,925,153

591,445,801

2005

11,949,765,230

14,171,643,602

606,116,326

 

 

Financial Description

 

Authorized Capital(KRW)

1,500,000,000

Paid-Up Capital(KRW)

1,500,000,000

Total Issues Shares

300,000

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2010

As of 12/31/2009

As of 12/31/2008

Total Assets

17,014,068,388

16,682,924,896

14,767,133,242

Current Assets

11,083,347,271

10,783,024,590

 8,527,784,348

-Quick Assets

 6,953,362,768

7,444,480,555

 4,598,898,612

-Inventories

 4,129,984,503

3,338,544,035

 3,928,885,736

Fixed Assets

 5,930,721,117

5,899,900,306

 6,239,348,894

-Investment

   117,048,271

   39,068,532

   272,078,452

-Tangibles

 5,310,749,626

5,361,607,854

 5,467,195,822

-Intangibles

       624,017

    1,474,717

     2,325,417

-Others

   502,299,203

  497,749,203

   497,749,203

Total Liabilities

 3,341,965,584

3,687,623,277

 3,422,091,791

Current Liabilities

 1,841,474,567

2,237,333,456

 1,967,152,472

Fixed Liabilities

 1,500,491,017

1,450,289,821

 1,454,939,319

Capital Stock

 1,500,000,000

1,500,000,000

 1,500,000,000

Capital Surplus

2,104,481,399

2,104,481,399

2,104,481,399

Profit Surplus

10,067,621,405

9,390,820,220

 7,740,560,052

Capital Adjustment

　

　

　

Total Equity

13,672,102,804

12,995,301,619

11,345,041,451

Liab. & Shareholder’s Equity

17,014,068,388

16,682,924,896

14,767,133,242

 

Current Liabilities

 1,841,474,567

2,237,333,456

 1,967,152,472

Trade Payables

    77,710,110

  126,201,443

    68,985,053

Short-Term Borrowings

 1,200,000,000

1,200,000,000

 1,417,443,127

Account Payables

   364,656,637

  221,367,486

   303,916,137

Accrued Expenses

     2,780,958

    2,313,012

     2,950,685

Withholdings

    59,084,967

  152,596,120

   123,857,470

Accrued Income Tax

   137,241,895

  509,855,395

             -

Current Portion of Long-Term Debts

             -

   25,000,000

    50,000,000

Fixed Liabilities

 1,500,491,017

1,450,289,821

 1,454,939,319

Long-Term Borrowings

　

　

    25,000,000

Leasehold Deposit Received

 1,080,000,000

1,080,000,000

 1,080,000,000

Provision for Severance & Retirement

 1,439,010,614

1,244,773,628

 1,123,195,924

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2010

As of 12/31/2009

As of 12/31/2008

Sales

18,871,192,386

20,520,455,217

 17,573,545,341

Cost of Sold Goods

14,804,448,025

15,612,353,086

 14,581,852,859

Gross Profit

4,066,744,361

  4,908,102,131

   2,991,692,482

Selling & Admin. Expenses

2,935,122,103

  2,951,861,763

   2,702,663,950

Operating Income

1,131,622,258

  1,956,240,368

     289,028,532

Non-Operating Income

313,000,703

    430,042,343

     218,892,873

Non-Operating Expenses

75,003,981

     94,064,128

　

Income Before Taxes

1,369,618,980

  2,292,218,583

     394,818,688

Income Taxes Expenses

317,817,795

    546,458,415

      90,221,798

Net Income

1,051,801,185

  1,745,760,168

     304,596,890

 

 

Cash Flows

 

Unit : Korean Won

As of 12/31/2010

As of 12/31/2009

As of 12/31/2008

Cash Flows from Operating

12,947,397

2,343,348,685

-1,233,691,822

-Net Income

1,051,801,185

1,745,760,168

304,596,890

-Exp. without Cash Outflow

337,261,214

386,554,497

435,118,282

-Revenue without Cash Inflows

-12,562,080

-3,859,544

-14,299,831

-Changes in Asset/ & Liability

-1,363,552,922

214,893,564

-1,959,107,163

Cash Flows from Investing

4,656,219

153,238,864

-505,733,545

-Cash Inflow from Investing

162,819,258

190,819,297

20,339,999

-Cash Outflows for Investing

-158,163,039

-37,580,433

-526,073,544

Cash Flows from Financing

-400,000,000

-362,943,127

292,443,127

-Cash Inflows from Financing

-

            -

   917,443,127

-Cash Outflows from Financing

-400,000,000

-362,943,127

-625,000,000

Increase/Decrease in Cash

-382,396,384

2,133,644,422

-1,446,982,240

Cash at the Beginning of Year

2,144,784,222

11,139,800

1,458,122,040

Cash at the End of Year

1,762,387,838

2,144,784,222

11,139,800

 

 

Products, Technologies, Services Description

 

Main Products & Services

Food Flavors, Olive Oil, Flavor

 

 

Trade Partners & Competitors

 

Suppliers

BOLAK CO., LTD.(134811-0004474)

Customers

BOLAK CO., LTD.(134811-0004474)

Competitors

KOREA CARRAGHEEN CO., LTD.

RM. 1022, HAENAM BLDG. ANNEX, 21, BUKCHANG-DONG, JUNG-GU, SEOUL, KOREA

TEL:+82-2-773-6501  FAX:+82-2-774-9740

 

CHEONG DO AGAR AGAR MFG. CO., LTD.

385, SORA-RI, HWAYANG-EUP, CHEONGDO-GUN, GYEONGSANGBUK-DO, KOREA

TEL:+82-54-372-7701~3  FAX:+82-54-372-7705

 

FINE AGAR AGAR CO., LTD.

579-52, WONYUL-RI, GEUMSEONG-MYEON, DAMYANG-GUN, JEOLLANAM-DO, KOREA

TEL:+82-61-383-0345  FAX:+82-61-383-2555

 

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

BOLAK CO., LTD.(134811-0004474)

HWASAN DEVELOPMENT CO., LTD.(134511-0007367)

BIO & GEN CO., LTD.(110111-1466261)

Cooperative Enterprise

-Insured Company

MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328)

LIG INSURANCE CO., LTD.(110111-0017859)

 

 

Sales by Region

(Activity & Markets)

 

The Subject deals with the companies in USA, China, Japan, Swiss, Singapore and Australia.

 

 

Court Action

 

No.

 

 

News Clipping

 

---

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.16

UK Pound

1

Rs.81.72

Euro

1

Rs.68.34

 

 

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.