|
Report Date : |
02.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUHRYUNG CORPORATION |
|
|
|
|
Registered Office : |
670-4, Deungchon 2-dong, Gangseo-gu, Seoul, Korea 7th Fl., Seoryung
Bldg. 157-844 |
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|
|
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Country : |
South Korea |
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|
|
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Financials (as on) : |
31.12.2008 |
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|
|
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Date of Incorporation : |
18.03.1987 |
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|
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Com. Reg. No.: |
607-81-26488 |
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|
|
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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
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
South Korea |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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 |
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.
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Source : CIA |
|
Company Name |
SUHRYUNG CORPORATION |
|
Registered Address |
670-4, Deungchon 2-dong, Gangseo-gu, Seoul, Korea |
|
Building |
7th Fl., Seoryung Bldg. |
|
Zip Code |
157-844 |
|
Tel |
+82-2-3660-5631 |
|
Fax |
+82-2-3660-5656 |
|
E-mail |
changyoul@suhryung.co.kr;sr@suhryung.co.kr |
|
Trading Address |
7th Fl., Seoryung Bldg., 670-4, Deungchon 2-dong, Gangseo-gu, Seoul,
Korea |
|
Tel |
+82-2-3660-5631 |
|
Fax |
+82-2-3660-5656 |
|
Other Address-Gimhae Factory |
348, Sincheon-ri, Hallim-myeon, Gimhae-si, Gyeongsangnam-do, Korea |
|
Tel |
+82-55-343-0193 |
|
Fax |
+82-55-343-0804 |
|
Type |
Export/Import |
|
Industry |
Weaving of Man-Made Fiber Fabrics |
|
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.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Synthetic fabrics(11161800) |
|
Name |
Chung Yong-Hwan |
|
Address |
660-2, Yeocha-ri,
Sangdong-myeon, Gimhae-si, Gyeongsangnam-do, Korea |
|
Date of Birth |
02/13/1952 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
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-Int’l Finance Dept. 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 |
Int’l Trade No.: 812676 |
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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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|
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Management
|
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 |
|
Director |
Mr. |
Lee Chang-Yeol |
Male |
Korean |
03/18/2009 |
|
Auditor |
Mr. |
You Young-Kyu |
Male |
Korean |
03/23/2012 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
|
|
|
|
|
2010 |
|
|
|
|
2009 |
|
|
|
|
2008 |
10,445,142,715 |
9,061,433,407 |
-951,732,521 |
|
2007 |
12,905,160,020 |
19,666,392,485 |
-2,647,682,935 |
|
2006 |
11,911,955,466 |
20,931,754,789 |
111,815,570 |
|
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.
|
Authorized Capital(KRW) |
10,000,000,000 |
|
Paid-Up Capital(KRW) |
5,217,090,000 |
|
Total Issued Shares |
1,043,418 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2009 |
As of 12/31/2008 |
As of 12/31/2007 |
|
Total Assets |
|
9,061,433,407 |
19,666,392,485 |
|
Current Assets |
|
5,379,609,106 |
4,222,817,792 |
|
-Quick Assets |
|
3,321,793,916 |
2,161,847,686 |
|
-Inventories |
|
2,057,815,190 |
2,060,970,106 |
|
Fixed Assets |
|
3,681,824,301 |
15,443,574,693 |
|
-Investment |
|
390,000 |
100,605,000 |
|
-Tangibles |
|
2,622,492,312 |
15,310,236,871 |
|
-Intangibles |
|
40,693,989 |
14,484,822 |
|
-Others |
|
1,018,248,000 |
18,248,000 |
|
Total Liabilities |
|
2,007,601,157 |
11,660,827,714 |
|
Current Liabilities |
|
1,567,211,274 |
11,068,898,952 |
|
Fixed Liabilities |
|
440,389,883 |
591,928,762 |
|
Capital Stock |
|
5,217,090,000 |
5,217,090,000 |
|
Capital Surplus |
|
24,350,720,976 |
24,350,720,976 |
|
Profit Surplus |
|
-22,513,978,726 |
-21,562,246,205 |
|
Capital Adjustment |
|
|
|
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Total Equity |
|
7,053,832,250 |
8,005,564,771 |
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Liab. & Shareholder’s Equity |
|
9,061,433,407 |
19,666,392,485 |
|
Current Liabilities |
|
1,567,211,274 |
11,068,898,952 |
|
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 |
|
185,113,739 |
225,053,839 |
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Accrued Expenses |
|
9,814,229 |
29,835,430 |
|
Advance Receipts |
|
147,628,311 |
26,616,450 |
|
VAT Withhold |
|
132,954,129 |
- |
|
Withholdings |
|
46,702,028 |
17,976,585 |
|
Current Portion of Convertible Bonds |
|
- |
4,450,000,000 |
|
Fixed Liabilities |
|
440,389,883 |
591,928,762 |
|
Provision for Severance & Retirement |
|
418,829,822 |
401,742,872 |
|
Leasehold Deposit Received |
|
123,451,000 |
286,451,000 |
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Long-Term Account Payables |
|
- |
16,000,000 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
|
10,445,142,715 |
12,905,160,020 |
|
Cost of Sold Goods |
|
8,231,754,164 |
11,490,093,353 |
|
Gross Profit |
|
2,213,388,551 |
1,415,066,667 |
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Selling & Admin. Expenses |
|
2,952,486,349 |
3,392,959,213 |
|
Operating Income |
|
-739,097,798 |
-1,977,892,546 |
|
Non-Operating Income |
|
849,610,545 |
171,183,688 |
|
Non-Operating Expenses |
|
1,062,245,268 |
840,974,077 |
|
Income Before Taxes |
|
-951,732,521 |
-2,647,682,935 |
|
Income Taxes Expenses |
|
- |
- |
|
Net Income |
|
-951,732,521 |
-2,647,682,935 |
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Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
|
-899,376,539 |
-1,782,047,526 |
|
-Net Income |
|
-951,732,521 |
-2,647,682,935 |
|
-Exp. without Cash Outflow |
|
908,380,170 |
904,155,692 |
|
-Revenue without Cash Inflows |
|
-413,623,657 |
-10,948,764 |
|
-Changes in Asset/ & Liability |
|
-442,400,531 |
-27,571,519 |
|
Cash Flows from Investing |
|
10,070,736,219 |
696,617,645 |
|
-Cash Inflow from Investing |
|
19,567,940,625 |
859,000,000 |
|
-Cash Outflows for Investing |
|
-9,497,204,406 |
-162,382,355 |
|
Cash Flows from Financing |
|
-8,532,456,125 |
860,073,715 |
|
-Cash Inflows from Financing |
|
11,948,075,839 |
15,374,260,849 |
|
-Cash Outflows from Financing |
|
-20,480,531,964 |
-14,514,187,134 |
|
Increase/Decrease in Cash |
|
638,903,555 |
-225,356,166 |
|
Cash at the Beginning of Year |
|
137,369,421 |
362,725,587 |
|
Cash at the End of Year |
|
776,272,976 |
137,369,421 |
|
Main Products & Services |
Spandex Fabric |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
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 |
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Affiliates |
|
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
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Joint Venture |
|
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Subsidiary |
|
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Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
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Sales/ Unit :Mil KRW |
2011 |
2010 |
2009 |
|
Export |
|
|
|
|
Domestic |
|
|
|
|
Total |
|
|
|
The Subject deals with the companies in
China, Malaysia, UK and USA.
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.32 |
|
|
1 |
Rs.84.60 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.