|
Report Date : |
02.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
TONG YANG MOOLSAN CO., LTD. |
|
|
|
|
Registered Office : |
90, Nonhyeon 2-dong, Gangnam-gu, Seoul, Korea, 2nd Fl., Daeyong Bldg.,
135-818 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
01.02.1960 |
|
|
|
|
Com. Reg. No.: |
106-81-28552 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Tobacco Products |
|
|
|
|
No. of Employees : |
686 |
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 : |
Usually 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 (31.03.2012) |
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 |
|
Company
Name |
TONG YANG MOOLSAN CO., LTD. (Korean Company Name : “동양물산기업(주)”) |
|
Registered Address |
90, Nonhyeon 2-dong, Gangnam-gu, Seoul,
Korea |
|
Building |
2nd Fl., Daeyong Bldg. |
|
Zip Code |
135-818 |
|
Tel |
+82-2-3014-2800 |
|
Fax |
+82-2-3014-2850 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
2nd Fl., Daeyong Bldg., 90, Nonhyeon
2-dong, Gangnam-gu, Seoul, Korea (P.O.BOX 2270) |
|
Tel |
+82-2-3014-2800 |
|
Fax |
+82-2-3014-2850 |
|
Other Address-Iksan Factory |
1369, Gwang-am-ri,
Wanggung-myeon, Iksan-si, Jeonbuk, Korea |
|
Tel |
+82-63-830-2000 |
|
Fax |
+82-63-831-2171 |
|
Other Address-Culture Division |
399-1, Ahyeon 2(i)-dong, Mapo-gu, Seoul,
Korea |
|
Tel |
+82-2-313-3322 |
|
Fax |
+82-2-364-1341 |
|
Other Address-Changwon Factory |
604-9, Namsan-dong, Changwon-si,
Gyeongsangnam-do, Korea |
|
Tel |
+82-55-279-4231 |
|
Fax |
+82-55-279-4445 |
|
Other Address-Jincheon Filter Factory |
85-17, Hapmok-ri, Deoksan-myeon, Jincheon-gun, Chungcheongbuk-do,
Korea |
|
Tel |
+82-43-536-5104~8 |
|
Fax |
+82-43-536-5109 |
|
Other Address-R&D Institute |
66-6, Jeil-ri, Yangji-myeon, Yongin-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-334-8221 |
|
Fax |
+82-31-334-8224 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Agricultural and Forestry Machinery |
|
Main Business |
Tractor, Combine, Rice Transplanter |
|
Sub
Business |
Manufacture of Tobacco Products |
|
Established (mm/dd/yyyy) |
02/01/1960 |
The Subject owns the premises of Changwon Factory, Jincheon
Filter Factory and R&D Institute.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Domestic dinner set(52152016) |
|
Sell |
Domestic spoons(52151704) |
|
Sell |
Agricultural tractors(25101901) |
|
Sell |
Combine harvesters(21101704) |
|
Sell |
Stainless steel plate(30102205) |
|
Sell |
Transplanters(21101602) |
|
Sell |
Cigarette papers or filters(50211607) |
|
Sell |
Agricultural machinery for harvesting(21101700) |
|
Sell |
Cultivators(21101503) |
|
Buy |
Agricultural and forestry and landscape machinery and
equipment(21100000) |
|
Buy |
Engines(26101500) |
|
Buy |
Filter papers(40161803) |
|
Buy |
Hydraulic systems and components(25172800) |
|
Buy |
Stainless steel sheet(30102505) |
|
Buy |
Cigarette papers or filters(50211607) |
|
Buy |
Bearings(31171500) |
|
Name |
Kim Hee-Yong |
|
Address |
|
|
Date of Birth |
11/02/1942 |
|
Title |
Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
32,694,450,000 KRW |
||||||||||||||||||||||||
|
Employees |
686 |
||||||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange :
002900) as of 06/26/1973 A Company of BYUKSAN Business Group |
||||||||||||||||||||||||
|
Bank Details |
Nonghyup Bank-Sales Department Woori Bank-Seocho Branch Korea Exchange Bank-Toigyero Branch |
||||||||||||||||||||||||
|
Corporate Registered No. |
110111-0032899 |
||||||||||||||||||||||||
|
Business Registered No. |
106-81-28552 |
||||||||||||||||||||||||
|
Permit & Licenses |
1995 ISO 9002 1998 ISO 9002 1998 KT 2003 ISO 9001 03/14/2005 KT Int’l Trade No.: 670825 |
||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||
|
Company History |
02/01/1960 incorporated as Bokun Enterprise
Co., Ltd. 07/10/1992 Changed company name to the present name 05/07/2004 Moved to the present HQ address from 826-14, Yeoksam-dong, Gangnam-gu, Seoul, Korea |
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Date of Birth |
|
Chairman & CEO |
Mr. |
Kim Hee-Yong |
Male |
Korean |
1942.11.02 |
|
Director |
Mr. |
Yoon Yeo-Doo |
Male |
Korean |
1947.08.15 |
|
Director |
Mr. |
Park Hee-Gon |
Male |
Korean |
1948.11.22 |
|
Director |
Mr. |
Sohn Sung-Man |
Male |
Korean |
1955.03.10 |
|
Outside Director |
Mr. |
Park Sang-Woo |
Male |
Korean |
1939.08.11 |
|
Outside Director |
Mr. |
Lee Sang-Moo |
Male |
Korean |
1949.09.12 |
|
Auditor |
Mr. |
Jung Hak-Soo |
Male |
Korean |
1958.02.12 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
358,860,691,804 |
350,024,942,126 |
3,191,544,682 |
|
|
(*)2011 |
332,996,127,741 |
331,960,122,075 |
4,536,573,060 |
|
(*)2010 |
304,043,301,383 |
324,320,407,661 |
19,908,031,281 |
|
2009 |
317,617,935,004 |
279,603,794,459 |
6,201,364,056 |
|
2008 |
284,576,263,686 |
256,941,608,997 |
3,893,865,694 |
|
2007 |
247,640,655,799 |
231,333,271,586 |
10,571,493,370 |
|
2006 |
265,422,706,692 |
222,709,250,834 |
4,428,584,450 |
|
2005 |
263,259,594,919 |
206,257,862,957 |
5,114,096,183 |
|
2004 |
244,030,074,138 |
199,076,714,726 |
2,974,152,087 |
(*)Figures are based
on the K-IFRS Accounting System.
Financial
Description
|
Authorized Capital(KRW) |
85,000,000,000 |
|
Paid-Up Capital(KRW) |
32,694,450,000 |
|
Total Issues Shares |
6,538,890 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
350,024,942,126 |
331,960,122,075 |
324,320,407,661 |
|
Current
Assets |
208,750,255,560 |
191,913,506,398 |
184,985,323,497 |
|
Cash & Cash Equivalents |
23,087,502,632 |
17,726,038,987 |
21,577,442,135 |
|
Trade Receivables |
109,252,144,994 |
99,078,883,593 |
85,949,785,013 |
|
Other Finance Assets |
6,178,216,773 |
4,086,911,299 |
5,374,809,548 |
|
Other Current Assets |
4,786,420,730 |
3,538,987,647 |
3,530,759,142 |
|
Inventories |
65,445,970,431 |
67,009,583,800 |
68,552,527,659 |
|
Income
Tax |
- |
473,101,072 |
- |
|
Non-Current
Assets |
140,105,704,135 |
138,877,633,246 |
139,335,084,164 |
|
Other Financial Instruments |
7,445,346,333 |
7,483,208,715 |
6,733,042,458 |
|
Marketable Financial Instruments |
2,380,666,772 |
3,280,548,112 |
4,361,359,550 |
|
Investment_Related Companies |
1,000 |
1,000 |
225,253,832 |
|
Investment_Joint Venture |
11,008,127,845 |
11,008,127,845 |
5,126,287,222 |
|
Investment_Subsidiaries |
16,776,977,502 |
16,776,977,502 |
17,509,327,549 |
|
Tangibles |
95,689,276,705 |
94,550,300,876 |
101,160,270,166 |
|
Intangibles |
6,087,962,655 |
5,077,489,355 |
3,158,555,916 |
|
Other Non-Current Assets |
637,099,217 |
700,979,841 |
935,873,752 |
|
Deferred Income Tax Assets |
80,246,106 |
- |
125,113,719 |
|
Non-Current Assets to be Sold |
1,168,982,431 |
1,168,982,431 |
- |
|
Total
Liabilities |
187,542,139,574 |
175,096,288,498 |
168,549,121,891 |
|
Current
Liabilities |
124,377,318,759 |
128,082,035,725 |
131,227,608,664 |
|
Trade Payables |
45,518,790,234 |
35,745,036,073 |
42,239,275,959 |
|
Other Finance Debts |
9,967,197,554 |
6,993,012,757 |
7,570,048,411 |
|
Short-Term Borrowings |
63,275,100,741 |
79,726,994,532 |
71,391,940,012 |
|
Other Current Liabilities |
4,757,849,587 |
5,588,580,854 |
7,169,891,297 |
|
Accrued Income Tax |
812,220,885 |
- |
2,738,831,092 |
|
Derivatives |
46,159,758 |
28,411,509 |
117,621,893 |
|
Non-Current
Liabilities |
63,164,820,815 |
47,014,252,773 |
37,321,513,227 |
|
Long-Term Borrowings |
42,006,777,505 |
28,442,587,783 |
24,325,283,344 |
|
Other Non-Current Debts |
3,345,778,921 |
2,486,539,667 |
267,279,764 |
|
Provision for Severance &
Retirement |
16,656,714,450 |
14,156,310,412 |
11,862,681,973 |
|
Provisions |
1,155,549,939 |
1,089,237,502 |
866,268,146 |
|
Deferred
Income Taxes |
- |
839,577,409 |
- |
|
Capital
Stock |
32,694,450,000 |
32,694,450,000 |
32,694,450,000 |
|
Capital Surplus |
15,037,104,038 |
15,037,104,038 |
15,037,104,038 |
|
Others |
113,894,820 |
-5,236,406,852 |
-4,482,531,325 |
|
Profit Surplus |
114,637,353,694 |
114,368,686,391 |
112,522,263,057 |
|
Total Equity |
162,482,802,552 |
156,863,833,577 |
155,771,285,770 |
|
Liab. & Shareholder’s Equity |
350,024,942,126 |
331,960,122,075 |
324,320,407,661 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
358,860,691,804 |
332,996,127,741 |
304,043,301,383 |
|
Cost of Sold Goods |
286,451,691,335 |
259,023,061,679 |
236,009,169,620 |
|
Gross Profit |
72,409,000,469 |
73,973,066,062 |
68,034,131,763 |
|
Selling & Admin. Expenses |
59,719,062,810 |
63,948,810,462 |
64,879,241,929 |
|
Other Operating Profits |
|
|
1,517,695,518 |
|
Operating Income |
12,689,937,659 |
10,024,255,600 |
4,672,585,352 |
|
Non-Operating Income |
3,797,601,723 |
4,545,984,407 |
36,394,959,904 |
|
Non-Operating Expenses |
1,127,910,513 |
1,838,772,965 |
9,124,269,528 |
|
Finance Income |
5,406,630,746 |
4,665,673,455 |
2,864,830,816 |
|
Finance Expenses |
18,521,501,685 |
11,178,586,256 |
10,275,012,954 |
|
Income Before Taxes |
2,244,757,930 |
6,218,554,241 |
24,533,093,590 |
|
Income Taxes Expenses |
-946,786,752 |
1,681,981,181 |
4,625,062,309 |
|
Net Income |
3,191,544,682 |
4,536,573,060 |
19,908,031,281 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Operating
Activities Cash Flows |
21,886,925,634 |
-10,590,879,699 |
-7,801,458,905 |
|
Cash Flows from Operating |
26,385,298,235 |
-1,255,991,018 |
343,443,088 |
|
Net Income |
3,191,544,682 |
4,536,573,060 |
19,908,031,281 |
|
Adjustment |
25,656,640,294 |
11,981,004,617 |
-3,945,456,585 |
|
Changes in Asset/ & Liability |
-2,462,886,741 |
-17,773,568,695 |
-15,619,131,608 |
|
Interests Received |
820,839,708 |
335,378,190 |
583,175,912 |
|
Interests Paid |
-5,769,476,324 |
-6,545,334,707 |
-5,520,404,850 |
|
Dividends Received |
99,282,301 |
87,000,000 |
106,000,000 |
|
Income Taxes |
350,981,714 |
-3,211,932,164 |
-3,313,673,055 |
|
Cash Flows from Investing |
-13,692,905,565 |
-3,596,340,533 |
13,375,696,909 |
|
Cash Flows from Financing |
-2,832,556,424 |
10,335,817,084 |
-737,902,767 |
|
Increase/Decrease in Cash |
5,361,463,645 |
-3,851,403,148 |
4,836,335,237 |
|
Cash at the Beginning of Year |
17,726,038,987 |
21,577,442,135 |
16,741,106,898 |
|
Cash at the End of Year |
23,087,502,632 |
17,726,038,987 |
21,577,442,135 |
|
Main Products & Services |
-Machinery Division Plant Area : 101,673 m2 Bldg. Area : 24,614 m2 Annual Production Capacity : -
Tractor = 10,000 /units -
Combine = 7,000 /units - Rice
Transplanter = 15,000 /units Tractor Used Tractor Rice Transplanter Combine Harvestor -Stainless Steel Flatware Division - Spoons & Forks made of 13% Cr.,18%Cr,
18/8(18/10)%Cr./Ni with various kinds of models - Hot forged Monoblock knives - 1pc & 2pc. Hollow Handle Knives with
cement injection style - Hollow handle Buffetware - Ceramic coated products Indonesia Factory Commercial production have been started
since Sept. 1, 1991 Production capacity : 3 Mil. pcs/Month China Factory Commercial
production have been started since Nov.'94 Production capacity : 3 Mil. pcs/Month -Cigarette Filter Division Plant Area : 40,000 ㎡ Bldg. Area : 9,000 ㎡ Annual Production Capacity : 15 BILLION
RODS. Triple Solid Filter CP Filter Flavour Thread Filter Recess Filter -Culture Service Division For over thirty years The Subject has been
importing various kinds of Japanese periodicals (newspaper, magazine and
book) through O.C.S JAPAN, to distribute to its customers in KOREA. Its main handling items for newspapers
covers Asahi, Yomiuri, Nihonkeizai, Sankei, Mainichi, etc, and for magazines
screen, Nihon camera, So-en, Beautiful room, Mc sister, JJ, Machinery design,
Engineering and Laboratory, Netpia, She's, etc. |
|
Suppliers |
POSCO(174611-0000741) DONGSUNG CORPORATION KUK-IL PAPER MFG CO.,LTD.(134511-0001377) |
|
Customers |
NACF PUBLIC PROCUREMENT SERVICE, KOREA ISEKI(JAPAN) IHI(JAPAN) JOHN DEERE(USA) PHILIP MORRIS KOREA KT&G It is paid by credit with 3 months, cash
within 2 months, and D/A, TT and L/C. |
|
Competitors |
-Machinery DAEDONG INDUSTRIAL CO., LTD.(191111-0000104) KUKJE, MACHINERY CO., LTD.(131111-0000635) LS MACHINERY CO., LTD. The Subject is ranked as the 2nd
player next to DAEDONG INDUSTRIAL CO., LTD. -Filter CELL CO., LTD.(110111-0385800) SAMHWA SILUP CO., LTD.(180111-0006379) HYUNDAI FILTER CO., LTD.(214911-0002578) The Subject is ranked as the 2nd
player next to CELL CO., LTD. |
|
Affiliates-Domestic |
BYUKSAN CORPORATION(110111-0113384) BYUCKSAN ENGINEERING & CONSTRUCTION
CO., LTD.(110111-0016827) INHEE CO., LTD(180111-0002301) BYUCKSAN PAINT & COATINGS CO.,
LTD.(134111-0011952) HAATZ INC.(115611-0003902) SHINKWANG PAINT IND.CO., LTD.(111511-0002215) CROSS NETWORKS CO., LTD.(110111-3743344) TONG YANG NET CO., LTD.(195211-0004952) GMT CO., LTD.(KOREA) |
|
Affiliates-Overseas |
BECCO GUAM PT.TYM.NUSANTARA (100% held by the subject company) TYM-USA INC. (100% held by the subject company) TONG YANG NET CO., LTD.(195211-0004952) (100% held by the subject company) JIANGSU TONGYANG RICE TRANSPLANTER CO., LTD. (56.11% held by the subject company) LTYM(LIAO NING, CHINA) (100% held by the subject company) |
|
Joint Venture |
|
|
Subsidiary |
PT.TYM.NUSANTARA (100% held by the subject company) TYM-USA INC. (100% held by the subject company) TONG YANG NET CO., LTD.(195211-0004952) (100% held by the subject company) JIANGSU TONGYANG RICE TRANSPLANTER CO., LTD. (56.02% held by the subject company) LTYM(LIAO NING, CHINA) (100% held by the subject company) TONG YANG MOOLSAN CO., LTD.(JAPAN) (100% held by the subject company) |
|
Sales/ Unit :Thousand KRW |
06/2012 |
2011 |
2010 |
|
Export |
85,568,564 |
98,034,017 |
76,019,931 |
|
Domestic |
191,827,975 |
229,758,311 |
228,023,370 |
|
Total |
277,396,539 |
327,792,328 |
304,043,301 |
Cigarette filter division has been exporting to Turkey, China, Vietnam,
Russia, Bangladesh, Taiwan, Hong Kong, Egypt, and other Africa nations.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.38 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.