|
Report Date : |
25.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
LEVI STRAUSS KOREA LTD. |
|
|
|
|
Registered Office : |
38th Fl., ASEM Tower 159-1, Samseong 1-dong, Gangnam-gu,
Seoul, Korea 135-798 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.11.2011 |
|
|
|
|
Date of Incorporation : |
16.02.1993 |
|
|
|
|
Com. Reg. No.: |
120-81-00074 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Wholesale of Shirts and Outer Garments |
|
|
|
|
No. of Employees : |
60 |
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 |
|
Litigation : |
-- |
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
|
Company Name |
LEVI STRAUSS
KOREA LTD. (Korean Company
Name : “리바이스트라우스코리아(주)”) |
|
Registered Address |
159-1, Samseong 1-dong, Gangnam-gu, Seoul,
Korea |
|
Building |
38th Fl., ASEM Tower |
|
Zip Code |
135-798 |
|
Tel |
+82-2-528-8800 |
|
Fax |
+82-2-555-8725 |
|
E-mail |
kjung@levi.com;ayoon@levi.com |
|
Website |
www.levi.co.kr |
|
Trading Address |
38th Fl., ASEM Tower, 159-1, Samseong
1-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-528-8800 |
|
Fax |
+82-2-555-8725 |
|
Other Address-Icheon Branch |
Rm.2318, San 15-1, Sanggeo-ri, Yeoju-eup,
Yeoju-gun, Gyeonggi-do, Korea |
|
Other Address-Homeplus Worldcup Branch |
515, Seongsan-dong, Mapo-gu, Seoul, Korea |
|
Other Address-Lotte Department Store, Gimhae Branch |
1B-4Lot, Sinmun-ri, Jangyu-myeon, Gimhae-si,
Gyeongsangnam-do, Korea |
|
Other Address-Ulsan Branch |
Rm. 115~117, 285-6, Jinjang-dong,
Buk-gu, Ulsan, Korea |
|
Other Address-Shingal Branch |
261-1, Sangha-dong, Giheung-gu, Yongin-si,
Gyeonggi-do, Korea |
|
Other Address-Myeong Branch |
54-20, Myeong-dong 2-ga, Jung-gu, Seoul, Korea |
|
Type |
Export/Import |
|
Industry |
Wholesale of Shirts and Outer Garments |
|
Main Business |
Jeans |
|
Established (mm/dd/yyyy) |
02/16/1993 |
The Subject Company
occupies the premises of registered HQ address by leasing base.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Womens dresses or skirts or saris or kimonos(53102002) |
|
Sell |
Clothing(53100000) |
|
Sell |
Slacks and trousers and shorts(53101500) |
|
Sell |
Shirts and blouses(53101600) |
|
Sell |
Dresses and skirts and saris and kimonos(53102000) |
|
Sell |
Coats and jackets(53101800) |
|
Buy |
Synthetic fabrics(11161800) |
|
Buy |
Miscellaneous sewing supplies(53141600) |
|
Buy |
Clasps(53141507) |
|
Buy |
Snaps(53141506) |
|
Buy |
Cotton fabrics(11161700) |
|
Buy |
Labels(55121600) |
|
Buy |
Hook and loop fabrics or tapes(11162114) |
|
Buy |
Zippers(53141503) |
|
Buy |
Threads(11151600) |
|
Buy |
Buttons(53141505) |
|
Name |
Andrew Martin |
|
Address |
Singapore 018986, Marina Bulevard 4, Tower
1 14-4, The Sale |
|
Date of Birth |
05/23/1961 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Singaporean |
|
Capital (KRW) |
2,400,000,000 |
|||||||||
|
Employees |
60 |
|||||||||
|
Formation |
Co., Ltd by shares Foreign Direct Investment Corporation |
|||||||||
|
Bank Details |
Citibank, Korea-HQ |
|||||||||
|
Corporate Registered No. |
110111-0920804 |
|||||||||
|
Business Registered No. |
120-81-00074 |
|||||||||
|
Permit & Licenses |
Int’l Trade No.: 53000952 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
02/16/1993 Incorporated as the present name 03/17/2003 Moved to the present HQ address
from 113, Samseong-dong, Gangnam-gu, Seoul, Korea 03/11/1993 Registered as a Foreign Direct
Investment Corporation |
|||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Andrew Martin |
Male |
Australian |
11/20/2012 |
|
Director |
Mr. |
Kang Moon-Jong |
Male |
Korean |
11/20/2012 |
|
Director |
Mr. |
Surid Dave Sharma |
Male |
Indian |
11/20/2012 |
|
Auditor |
Mr. |
Parti Maryong |
Male |
Canadian |
11/20/2008 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
11/2011 |
104,039,188,063 |
51,726,551,094 |
-371,960,282 |
|
11/2010 |
97,966,702,449 |
47,425,738,619 |
-455,121,500 |
|
11/2009 |
107,405,131,186 |
46,595,452,143 |
-3,011,798,875 |
|
11/2008 |
99,100,342,689 |
51,137,106,491 |
5,663,357,183 |
|
11/2007 |
99,233,347,882 |
10,495,298,739 |
5,007,933,191 |
|
11/2006 |
109,909,950,925 |
43,294,681,263 |
12,436,655,554 |
|
11/2005 |
106,767,151,546 |
28,154,624,494 |
10,418,839,380 |
|
11/2004 |
89,312,972,720 |
25,962,602,442 |
11,017,762,334 |
|
Authorized Capital(KRW) |
2,400,000,000 |
|
Paid-Up Capital(KRW) |
2,400,000,000 |
|
Total Issued Shares |
240,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 11/30/2011 |
As of 11/30/2010 |
As of 11/30/2009 |
|
Total Assets |
51,726,551,094 |
47,425,738,619 |
46,595,452,143 |
|
Current
Assets |
48,302,010,437 |
44,088,464,279 |
43,024,597,225 |
|
-Quick Assets |
33,032,832,562 |
29,057,799,201 |
30,484,125,600 |
|
-Inventories |
15,269,177,875 |
15,030,665,078 |
12,540,471,625 |
|
Fixed Assets |
3,424,540,657 |
3,337,274,340 |
3,570,854,918 |
|
-Investment |
1,010,370,133 |
1,019,949,664 |
1,410,605,219 |
|
-Tangibles |
|
|
|
|
-Intangibles |
2,414,170,524 |
2,317,324,676 |
2,160,249,699 |
|
Total
Liabilities |
19,012,705,376 |
14,339,932,619 |
13,054,524,643 |
|
Current
Liabilities |
18,180,045,546 |
13,216,016,349 |
11,960,050,623 |
|
Fixed Liabilities |
832,659,830 |
1,123,916,270 |
1,094,474,020 |
|
Capital
Stock |
2,400,000,000 |
2,400,000,000 |
2,400,000,000 |
|
Capital
Surplus |
|
|
|
|
Profit
Surplus |
30,313,845,718 |
30,685,806,000 |
31,140,927,500 |
|
Capital
Adjustment |
|
|
|
|
Total Equity |
32,713,845,718 |
33,085,806,000 |
33,540,927,500 |
|
Liab. &
Shareholder’s Equity |
51,726,551,094 |
47,425,738,619 |
46,595,452,143 |
|
Current
Liabilities |
18,180,045,546 |
13,216,016,349 |
11,960,050,623 |
|
Trade Payables |
9,469,880,082 |
6,311,842,130 |
2,692,802,527 |
|
Advance Receipts |
1,472,859,954 |
1,170,711,413 |
1,097,225,991 |
|
Account Payables |
1,558,440,024 |
1,457,138,309 |
2,351,740,149 |
|
Account Payables |
4,102,106,050 |
3,288,477,895 |
4,740,438,860 |
|
Accrued Income Tax |
472,126,638 |
41,549,966 |
- |
|
Provision for Refund |
413,477,232 |
276,540,734 |
243,963,895 |
|
Provision for Mileage |
- |
- |
38,350,823 |
|
Provision for Loss Compensation |
278,150,730 |
222,118,562 |
225,606,280 |
|
Withholdings |
279,643,236 |
314,275,740 |
436,560,498 |
|
Provision for Repairing |
133,361,600 |
133,361,600 |
133,361,600 |
|
Fixed
Liabilities |
832,659,830 |
1,123,916,270 |
1,094,474,020 |
|
Provision for Severance & Retirement |
726,716,830 |
1,064,773,270 |
1,047,331,020 |
|
Provision for Repairing |
109,900,000 |
63,100,000 |
51,100,000 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 11/30/2011 |
As of 11/30/2010 |
As of 11/30/2009 |
|
Sales |
104,039,188,063 |
97,966,702,449 |
107,405,131,186 |
|
Cost of Sold Goods |
42,516,200,889 |
39,094,837,199 |
47,316,736,396 |
|
Gross Profit |
61,522,987,174 |
58,871,865,250 |
60,088,394,790 |
|
Selling & Admin. Expenses |
62,792,062,800 |
60,758,327,548 |
62,717,288,595 |
|
Operating Income |
-1,269,075,626 |
-1,886,462,298 |
-2,628,893,805 |
|
Non-Operating Income |
1,488,743,176 |
2,399,564,427 |
3,461,062,998 |
|
Non-Operating Expenses |
733,359,629 |
2,821,546,748 |
2,177,217,857 |
|
Income Before Taxes |
-513,692,079 |
-2,308,444,619 |
-1,345,048,664 |
|
Income Taxes Expenses |
-141,731,797 |
-1,853,323,119 |
1,666,750,211 |
|
Net Income |
-371,960,282 |
-455,121,500 |
-3,011,798,875 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 11/30/2011 |
As of 11/30/2010 |
As of 11/30/2009 |
|
Cash Flows from Operating |
5,554,085,258 |
-2,454,351,787 |
497,830,894 |
|
-Net Income |
-371,960,282 |
-455,121,500 |
-3,011,798,875 |
|
-Exp. without Cash Outflow |
2,614,158,592 |
1,953,830,902 |
784,666,207 |
|
-Revenue without Cash Inflows |
-431,822,364 |
-57,415,923 |
-233,915,299 |
|
-Changes in Asset/ & Liability |
3,743,709,312 |
-3,895,645,266 |
2,958,878,861 |
|
Cash Flows from Investing |
-4,850,943,151 |
-9,043,199,285 |
10,522,035,928 |
|
-Cash Inflow from Investing |
4,516,700,000 |
7,827,273 |
12,286,574,900 |
|
-Cash Outflows for Investing |
-9,367,643,151 |
-9,051,026,558 |
-1,764,538,972 |
|
Cash Flows from Financing |
- |
- |
- |
|
-Cash Inflows from Financing |
- |
- |
- |
|
-Cash Outflows from Financing |
- |
- |
- |
|
Increase/Decrease in Cash |
703,142,107 |
-11,497,551,072 |
11,019,866,822 |
|
Cash at the Beginning of Year |
3,784,054,976 |
15,281,606,048 |
4,261,739,226 |
|
Cash at the End of Year |
4,487,197,083 |
3,784,054,976 |
15,281,606,048 |
|
Main Products & Services |
Jeans Products (*) The Subject imports from the related companies in overseas and
domestic, and sells through domestic 106 directly owned shops and 48 agent
shops. |
|
Competitors |
BANGBANG APPAREL CO., LTD. BANGBANG BLDG., 943-1, DOGOK 1-DONG,
GANGNAM-GU, SEOUL, KOREA TEL:+82-2-576-0505 FAX:+82-2-578-2242~3 CALVIN KLEIN JEANSWEAR KOREA LTD. 5TH FL., DAEYONG BLDG., 90, NONHYEON 2-DONG,
GANGNAM-GU, SEOUL, KOREA TEL:+82-2-516-1811 FAX:+82-2-516-2811 UNITED THREE CO., LTD. 10TH FL., DAERUNG TECHNO TOWER 13-CHA, 664,
GASAN-DONG, GEUMCHEON-GU, SEOUL, KOREA TEL:+82-2-3452-8005 FAX:+82-2-3452-7115 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
LEVI STRAUSS & COMPANY LEVI STRAUSS ASIA PACIFIC DIVISION PTE LTD. LEVI STRAUSS USA LLC TAIWAN LEVI STRAUSS PHILIPPINES, INC. LEVI STRAUSS JAPAN KK LEVI STRAUSS PAKISTAN LIMITED LEVI STRAUSS EMEA LEVI STRAUSS AUSTRALIA PTY. LTD. LEVI STRAUSS HONGKONG LIMITED LEVI STRAUSS BELGIUM LEVI STRAUSS GSO HOLDINGS LEVI STRAUSS MALAYSIA SDN BHD LEVI STRAUSS DO BRASIL INDUSTRIA E
COMMERCIO LIMITADA LEVI STRAUSS EUROPE & CO. LEVI STRAUSS INTERNATIONAL GROUP FINANCE
COORDINATOR SERVICES COMM. V.A.(LSIFCS) |
|
Corporate Ownership |
LEVI STRAUSS & COMPANY(USA) LEVI STRAUSS INTERNATIONAL(USA) |
|
Major Shareholders |
LEVI STRAUSS INTERNATIONAL(USA) |
|
Cooperative Enterprise |
-Insured Company LIG INSURANCE CO., LTD.(110111-0017859) ACE AMERICAN FIRE & MARINE INSURANCE
CO., LTD.(110181-0007423) -Technology Support Agreement from LEVI STRAUSS & COMPANY(USA) |
(Activity & Markets)
The Subject imports
from Asian, Europe and USA.
The Subject has
been investigated by National Tax Services on Technology
Support fee with LEVI STRAUSS & COMPANY(USA), but it is under pending
procedure of notice.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.85 |
|
|
1 |
Rs.85.25 |
|
Euro |
1 |
Rs.71.72 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.