MIRA INFORM REPORT

 

 

Report Date :

25.09.2012

 

 

IDENTIFICATION DETAILS

 

Name :

GEUM YOUNG FOODSTUFFS CO., LTD.

 

Registered Office :

 

Rm. 202, 2FL., 139-2, Ogeum-dong, Songpa-gu, Seoul, Korea 138-859

 

 

Country :

South Korea

 

 

Date of Incorporation :

24.07.2001

 

 

Com. Reg. No.:

215-86-12081

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

Wholesale of Other Prepared Food

 

 

No. of Employees :

12

 

 

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 Information

 

Company Name

GEUM YOUNG FOODSTUFFS CO., LTD.

(Korean Company Name : “금영에프에스(주)”)

Registered Address

Rm. 202, 2FL., 139-2, Ogeum-dong, Songpa-gu, Seoul, Korea

Zip Code

138-859

Tel

+82-2-431-3371

Fax

+82-2-448-3561

Trading Address

Rm. 202, 2FL., 139-2, Ogeum-dong, Songpa-gu, Seoul, Korea

Tel

+82-2-431-3371

Fax

+82-2-448-3561

Type

Export/Import

Industry

Wholesale of Other Prepared Food

  Main Business

Flour, Starch Syrup, Sugar, Dairy Products

  Sub Business

 

Established (mm/dd/yyyy)

07/24/2001

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Cereal flour(50221102)

Sell

Natural sugars or sweetening products(50161509)

 

 

CEO’s

 

Name

Yim Chong-Woo

Address

Suite 1202, 46, Wiryeseong-daero, Songpa-gu, Seoul, Korea

Date of Birth

09/20/1969

Title

Co-President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

600,000,000

Employees

12

Formation

Co., Ltd by Shares

Bank Details

Hana Bank-Ogum Dong Branch

Corporate Registered No.

1101112-293928

Business Registered No.

215-86-12081

Permit & Licenses

Int’l Trade No.: 45054745

Shareholder Position

N/A

Company History

07/24/2001 Incorporated as the present name

04/10/2002 Changed company name to FOOMAX CO., LTD.

12/17/2003 Increased the authorized shares to 200,000 shares from 40,000 shares

12/10/2004 Changed company name to the present name

08/06/2005 Moved to the present HQ address from 34-5, Geoyeo 2-dong, Songpa-gu, Seoul, Korea

12/24/2008 Increased capital to 600,000,000 KRW from 400,000,000 KRW

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

Co-President & CEO

Mr.

Yim Chong-Woo

Male

Korean

04/10/2002

Co-President & CEO

Mr.

Kim Ji-Yong

Male

Korean

05/06/2011

Director

M/S.

Yoi Chae-Nyeo

Female

Korean

12/17/2003

Auditor

Mr.

Jung Seok-Yong

Male

Korean

03/10/2008

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2011

 

 

 

2010

29,693,000,000

7,180,000,000

549,000,000

2009

23,563,000,000

5,964,000,000

407,000,000

2008

21,024,000,000

4,630,000,000

280,000,000

2007

16,798,510,000

 

152,010,000

2006

 

 

 

2005

 

 

 

2004

 

 

 

2003

 

 

 

The latest & full financials are not available, and the Subject Company does not have any obligations to release its financeials to the public.

 

 

Financial Description

 

Authorized Capital(KRW)

1,000,000,000

Paid-Up Capital(KRW)

600,000,000

Total Issues Shares

120,000

 

 

 

 

Products, Technologies, Services Description

 

Main Products & Services

Flour, Starch Syrup, Sugar, Dairy Products

 

 

Trade Partners & Competitors

 

Competitors

BUKOOK CO., LTD.

2ND FL., SAMO BLDG., 53-3, CHEONGDAM-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-548-6350  FAX:+82-2-548-6351

 

E-HYUN CHEMICAL CO., LTD.

202-604, BUCHEON TECHNO PARK, 192, YAKDAE-DONG, WONMI-GU, BUCHEON-SI, GYEONGGI-DO, KOREA

TEL:+82-32-323-0561  FAX:+82-32-327-1611

 

KITTO LIFE CO., LTD.

576-1, CHILGOE-DONG, PYEONGTAEK-SI, GYEONGGI-DO, KOREA

TEL:+82-2-579-7003  FAX:+82-2-579-7572

 

 

Sales by Region

 (Activity & Markets)

 

The Subject deals with the companies in China and Indonesia.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.29

UK Pound

1

Rs.86.43

Euro

1

Rs.68.95

 

 

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%)

 

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