MIRA INFORM REPORT

 

 

Report Date :

21.11.2012

 

IDENTIFICATION DETAILS

 

Name :

HYUNJIN GREEN MEAL CO., LTD.

 

 

 

Registered Office :

139-2, Ogeum-dong, Songpa-gu, Seoul, Korea

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

21.12.1998

 

 

Com. Reg. No.:

301-81-34891

 

 

Legal Form :

Company Limited by Shares

 

 

Line of Business :

Wholesale of Other Prepared Food.

 

 

No. of Employees :

10

 

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 :

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

(31.03.2011)

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

 

 

 

 

Basic

 

Company Name

HYUNJIN GREEN MEAL CO., LTD.

(Korean Company Name : “현진그린밀(주)”)

Registered Address

139-2, Ogeum-dong, Songpa-gu, Seoul, Korea

Building

Rm. 201

Zip Code

138-859

Tel

+82-2-400-7165

Fax

+82-2-443-0875

E-mail

nickjung@dowellfi.net

Website

www.food-green.co.kr

Trading Address

Rm. 201, 139-2, Ogeum-dong, Songpa-gu, Seoul, Korea

Tel

+82-2-3436-3234

Fax

+82-2-443-0875

Other Address-Jincheon Logistics Center

467-4, Insan-ri, Deoksan-myeon, Jincheon-gun, Chungbuk, Korea

Tel

+82-43-537-3371

Fax

+82-43-537-3234

Type

Import

Industry

Wholesale of Other Prepared Food

  Main Business

Sauce, Wheat Flour

Established (mm/dd/yyyy)

12/21/1998

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Shelf stable aquatic plants(50121804)

Sell

Milk and butter products(50131700)

Sell

Natural sugars or sweetening products(50161509)

 

 

CEO’s

 

Name

Jeong See-Young

Address

Suite 108-806, 716, Irwon-dong, Gangnam-gu, Seoul, Korea

Date of Birth

05/27/1964

Title

Representative Director

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

480,000,000

Employees

10

Formation

Co., Ltd by shares

Bank Details

Hana Bank-Okum Dong Branch

Industrial Bank of Korea-Bangyi Station Branch

Corporate Registered No.

150111-0036439

Business Registered No.

301-81-34891

Permit & Licenses

Int’l Trade No.: 11777157

Shareholder Position

Name

Shares

%

JEONG SEE-YOUNG

45,600

95.00

JEONG KOO-YOON

2,016

4.20

LIM IN-SUN

384

0.80

TOTAL

48,000

100.00

Company History

08/1996 Established as HYUNJIN CO.(Sole Proprietorship)

12/21/1998 Incorporated as HYUNJIN CO., LTD.

04/2000 Changed company name to the present name

08/22/2005 Moved to the present HQ address from 52-20, Ogeum-dong, Songpa-gu, Seoul, Korea

12/21/2007 Increased capital to 280,000,000 KRW from 120,000,000 KRW

12/24/2008 Increased capital to 480,000,000 KRW from 280,000,000 KRW

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

Representative Director

Mr.

Jeong See-Young

Male

Korean

05/21/2001

Auditor

M/S.

Lim In-Sun

Female

Korean

03/31/2001

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2011

 

 

 

2010

32,223,000,000

9,339,000,000

590,000,000

2009

28,260,000,000

8,367,000,000

449,000,000

2008

27,582,000,000

8,223,000,000

308,000,000

2007

24,253,000,000

6,818,000,000

217,000,000

2006

19,775,000,000

6,773,000,000

167,000,000

2005

18,879,000,000

 

88,000,000

2004

16,654,000,000

 

29,000,000

2003

11,856,000,000

 

94,000,000

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)

480,000,000

Paid-Up Capital(KRW)

480,000,000

Total Issued Shares

48,000

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2009

As of 12/31/2008

As of 12/31/2007

Total Assets

8,367,000,000

8,223,000,000

6,818,000,000

Current Assets

 

 

 

-Quick Assets

 

 

 

-Inventories

 

 

 

Fixed Assets

 

 

 

-Investment

 

 

 

-Tangibles

 

 

 

-Intangibles

 

 

 

Total Liabilities

5,999,000,000

6,304,000,000

5,407,000,000

Current Liabilities

 

 

 

Fixed Liabilities

 

 

 

Capital Stock

 

 

 

Capital Surplus

 

 

 

Profit Surplus

 

 

 

Capital Adjustment

 

 

 

Total Equity

2,368,000,000

1,919,000,000

1,411,000,000

Liab. & Shareholder’s Equity

8,367,000,000

8,223,000,000

6,818,000,000

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2009

As of 12/31/2008

As of 12/31/2007

Sales

28,260,000,000

27,582,000,000

24,253,000,000

Cost of Sold Goods

 

 

 

Gross Profit

 

 

 

Selling & Admin. Expenses

 

 

 

Operating Income

 

 

 

Non-Operating Income

 

 

 

Non-Operating Expenses

 

 

 

Income Before Taxes

 

 

 

Income Taxes Expenses

 

 

 

Net Income

449,000,000

308,000,000

217,000,000

 

 

Products, Technologies, Services

Description

 

Main Products & Services

Corn Syrup

High Fructose Corn Syrup

Isomalto Oligosaccharide

Corn Starch/Waxy Corn Starch

Pregelatinized

Maps

Dextrose

Maltodextrin

Refined Maltose

Batter Starch

Cyclodextrin

Hitex

Fish Ball Taste Starch

Maltitol Syrup

 

 

Trade Partners & Competitors

 

Competitors

 

DAEHWA CO., LTD.

590-5, HAAN 1-DONG, GWANGMYEONG-SI, GYEONGGI-DO, KOREA

TEL:+82-2-897-2100  FAX:+82-2-897-2545

 

CSK TRADING CO., LTD.

RM. 301, GUNGHYEON BLDG., 1579-5, SEOCHO 3-DONG, SEOCHO-GU, SEOUL, KOREA

TEL:+82-2-597-5915  FAX:+82-2-597-5918

 

HANS CORPORATION

RM. 201, HYOJIN BLDG., 1540-5, SEOCHO 3-DONG, SEOCHO-GU, SEOUL, KOREA

TEL:+82-2-521-2536  FAX:+82-2-521-2445

 

 

Sales by Region (Activity & Markets)

 

The Subject imports from Austria, China, Malaysia and Vietnam.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

---

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.91

UK Pound

1

Rs.87.38

Euro

1

Rs.70.24

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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%)

 

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