|
Report Date : |
22.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
TAEWOONG CO., LTD. |
|
|
|
|
Registered Office : |
1462-1, Songjeong-dong, Gangseo-gu, Busan, Korea 618-270 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
16.05.1981 |
|
|
|
|
Com. Reg. No.: |
603-81-16009 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Forging of Metal |
|
|
|
|
No. of Employees : |
267 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
|
With Financial |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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
|
Company Name |
TAEWOONG CO.,
LTD. (Korean Company
Name : “(주)태웅”) |
|
Registered Address |
1462-1, Songjeong-dong, Gangseo-gu, Busan,
Korea |
|
Zip Code |
618-270 |
|
Tel |
+82-51-329-5000 |
|
Fax |
+82-51-329-5001 |
|
E-mail |
oneisus@hanmail.net |
|
Website |
www.taewoong.com |
|
Trading Address |
1462-1, Songjeong-dong, Gangseo-gu, Busan,
Korea |
|
Tel |
+82-51-329-5000 |
|
Fax |
+82-51-329-5001 |
|
Type |
Export |
|
Industry |
Forging of Metal |
|
Main Business |
Flange, Gear, Channel Cover, Sheet, Shell, Shaft, Coupling, Pitch
Bearing, Yaw Bearing, Propeller Shaft, Rudder Stock, Intermediate Shaft,
Pintle, Rudder Trunk, Connecting Rad, Main Journal, Cross Head Pin, Clinder
Cover, Piston Crown Piston Rod, Channel Cover, Forged Shell, Girth Flange,
Reducer, Tube Sheet, Blind Cover, Forged Neck, Forged Pipe, Head Skirt,
Diaphagm, Drum Tube Sheet, Trunnion, Tube Sheet, Casting Mold, Crane Wheel,
Forged Ring, Kiln Trie, Toller For Kiln, Round Bar, Aluminium Forged Rings,
Titanium Forged Rings |
|
Established (mm/dd/yyyy) |
05/16/1981 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Shafting(30103000) |
|
Sell |
Pipe flanges(40142400) |
|
Sell |
Heating equipment and parts and accessories(40101800) |
|
Sell |
Wheels and wheel trims(25171900) |
|
Sell |
Gears(31171700) |
|
Sell |
Metal working machinery attachments(23172000) |
|
Buy |
Steel(11101704) |
|
Buy |
Ferrous alloy(11101712) |
|
Buy |
Base Metals(11101700) |
|
Buy |
Ferrous alloy(11101712) |
|
Buy |
Aluminum(11101705) |
|
Name |
Huh Yong-Do |
|
Date of Birth |
01/19/1948 |
|
Title |
Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
8,305,210,000 |
|||||||||||||||
|
Employees |
267 |
|||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 044490) as of 11/08/2001 |
|||||||||||||||
|
Bank Details |
Korea Exchange Bank-Shinpyung Dong Branch Busan Bank |
|||||||||||||||
|
Corporate Registered No. |
180111-0073922 |
|||||||||||||||
|
Business Registered No. |
603-81-16009 |
|||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 12004795 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
05/16/1981 Established as TAEWOONG CO.(Sole Proprietorship) 07/01/1987 Incorporated as the present name 11/2007 Awarded US$ 100 Million Export Top
Prize 11/2008 Awarded US$ 200 Million Export Top
Prize 11/2009 Awarded US$ 300 Million Export Top
Prize |
|||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Date of Birth |
|
Chairman & CEO |
Mr. |
Huh Yong-Do |
Male |
Korean |
1948.01.19 |
|
Director |
Mr. |
Park Pan-Yeon |
Male |
Korean |
1951.01.29 |
|
Vice President |
Mr. |
Choi Seung-Sik |
Male |
Korean |
1952.10.23 |
|
Outside Director |
Mr. |
Jung Soon-Keun |
Male |
Korean |
1947.06.28 |
|
Outside Director |
Mr. |
Seo Dong-Ryool |
Male |
Korean |
1947.08 |
|
Auditor |
Mr. |
Kim Tae-Soo |
Male |
Korean |
1942.08.15 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
250,627,787,189 |
746,518,055,785 |
5,975,941,376 |
|
|
(*)2011 |
480,665,365,152 |
755,979,760,068 |
15,410,813,679 |
|
(*)2010 |
333,625,861,278 |
595,771,983,817 |
27,181,452,107 |
|
2009 |
73,382,976,385 |
498,154,616,469 |
1,413,902,519 |
|
2008 |
535,690,595,220 |
495,360,687,284 |
32,035,845,964 |
|
2007 |
615,289,025,834 |
732,119,883,601 |
74,328,522,298 |
|
2006 |
357,864,344,320 |
264,503,403,925 |
48,974,151,058 |
|
2005 |
275,984,387,599 |
155,670,561,687 |
27,324,606,268 |
|
2004 |
216,015,036,019 |
120,056,717,271 |
20,729,392,221 |
|
Authorized Capital(KRW) |
44,000,000,000 |
|
Paid-Up Capital(KRW) |
8,305,210,000 |
|
Total Issued Shares |
16,610,420 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2012~06/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
746,518,055,785 |
755,979,760,068 |
595,771,983,817 |
|
Current
Assets |
483,214,210,718 |
488,486,365,900 |
334,883,450,496 |
|
Cash & Cash Equivalents |
23,395,394,253 |
33,892,535,076 |
84,475,768,805 |
|
Current
Financial Instruments |
181,878,298,678 |
163,000,000,000 |
0 |
|
Trade
Receivables & Other Receivables |
133,944,229,843 |
104,834,223,154 |
96,492,183,060 |
|
Inventories |
141,694,458,172 |
181,453,115,505 |
150,566,372,396 |
|
Other
Current Assets |
2,301,829,772 |
5,306,492,165 |
3,349,126,235 |
|
Non-Current Assets |
263,303,845,067 |
267,493,394,168 |
260,888,533,321 |
|
Non-Current
Financial Instruments |
5,900,000 |
5,900,000 |
5,900,000 |
|
Long-Term
Trade Receivables & Other Receivables |
2,836,620,178 |
2,836,400,178 |
186,450,178 |
|
Marketable
Financial Instruments |
15,836,645,000 |
15,836,645,000 |
5,927,895,000 |
|
Tangibles |
232,062,546,230 |
236,155,809,238 |
242,449,690,041 |
|
Investment_Related
Companies |
11,892,487,692 |
11,988,993,785 |
11,648,952,135 |
|
Intangibles |
669,645,967 |
669,645,967 |
669,645,967 |
|
Total Liabilities |
284,855,167,341 |
300,131,532,320 |
163,084,864,848 |
|
Current Liabilities |
155,592,501,064 |
172,081,290,716 |
118,585,330,059 |
|
Trade
Payables & Other Payables |
91,284,309,889 |
97,477,548,394 |
61,846,471,288 |
|
Short-Term
Borrowings |
57,591,319,371 |
70,490,029,766 |
52,383,196,931 |
|
Deferred
Income Tax Credit |
3,095,829,058 |
1,351,610,828 |
2,920,789,679 |
|
Other Current Liabilities |
3,621,042,746 |
2,762,101,728 |
1,434,872,161 |
|
Non-Current
Liabilities |
129,262,666,277 |
128,050,241,604 |
44,499,534,789 |
|
Long-Term Trade Payables &
Other Payables |
3,000,000 |
3,000,000 |
3,000,000 |
|
Long-Term Borrowings |
98,555,797,465 |
97,750,199,300 |
16,192,904,374 |
|
Provision for Severance &
Retirement |
1,636,036,877 |
1,038,598,935 |
1,419,392,377 |
|
Deferred Income Tax Credit |
29,067,831,935 |
29,258,443,369 |
26,884,238,038 |
|
Capital
Stock |
8,305,210,000 |
8,305,210,000 |
8,305,210,000 |
|
Others |
81,440,132,445 |
81,537,687,433 |
73,928,398,365 |
|
Profit Surplus |
371,917,545,999 |
366,005,330,315 |
350,453,510,604 |
|
Total Equity |
461,662,888,444 |
455,848,227,748 |
432,687,118,969 |
|
Liab. & Shareholder’s Equity |
746,518,055,785 |
755,979,760,068 |
595,771,983,817 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2012~06/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
250,627,787,189 |
480,665,365,152 |
333,625,861,278 |
|
Cost of Sold Goods |
225,929,623,742 |
426,579,274,582 |
275,021,997,682 |
|
Gross Profit |
24,698,163,447 |
54,086,090,570 |
58,603,863,596 |
|
Selling Expenses |
809,984,223 |
1,716,152,107 |
1,808,851,430 |
|
Admin. Expenses |
5,902,962,000 |
11,509,625,753 |
8,399,457,548 |
|
Logistics |
9,841,009,602 |
22,558,867,926 |
13,546,589,297 |
|
R&D |
348,026,637 |
1,936,961,693 |
3,566,964,812 |
|
Other Operating Income |
4,600,377,297 |
11,120,399,698 |
11,194,834,059 |
|
Other Operating Expenses |
3,447,375,488 |
8,067,122,744 |
8,278,160,447 |
|
Operating Income |
8,949,182,794 |
19,417,760,045 |
34,198,674,121 |
|
Finance Income |
3,694,019,375 |
3,001,283,816 |
2,806,760,166 |
|
Finance Expenses |
3,520,098,737 |
2,649,032,422 |
1,806,647,728 |
|
Income Before Taxes |
9,123,103,432 |
19,770,011,439 |
35,198,786,559 |
|
Income Taxes Expenses |
3,147,162,056 |
4,359,197,760 |
8,017,334,452 |
|
Net Income |
5,975,941,376 |
15,410,813,679 |
27,181,452,107 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2012~06/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Operating Activities Cash Flows |
25,320,224,116 |
29,647,503,318 |
20,869,379,478 |
|
Cash
Flows from Operating |
25,556,446,653 |
34,902,332,497 |
16,762,562,686 |
|
Net
Income |
5,975,941,376 |
15,410,813,679 |
27,181,452,107 |
|
Adjustment |
11,454,044,526 |
19,278,198,423 |
15,576,101,722 |
|
Changes
in Asset/ & Liability |
8,126,460,751 |
213,320,395 |
-25,994,991,143 |
|
Interests
Received |
2,222,115,509 |
2,876,209,283 |
2,759,229,986 |
|
Interests
Paid |
-798,607,156 |
-2,390,838,305 |
-1,819,016,564 |
|
Income
Taxes |
-1,659,730,890 |
-5,740,200,157 |
3,166,603,370 |
|
Cash
Flows from Investing |
-20,945,279,187 |
-181,859,066,665 |
-26,653,000,316 |
|
Cash Flows from Financing |
-14,825,435,806 |
101,335,061,398 |
2,999,019,926 |
|
Increase/Decrease in Cash |
-10,450,490,877 |
-50,876,501,949 |
-2,784,600,912 |
|
Cash at the Beginning of Year |
33,892,535,076 |
84,475,768,805 |
87,760,451,372 |
|
Cash at the End of Year |
23,395,394,253 |
33,892,535,076 |
84,475,768,805 |
|
Main Products & Services |
Flange, Gear, Channel Cover, Sheet, Shell, Shaft, Coupling, Pitch
Bearing, Yaw Bearing, Propeller Shaft, Rudder Stock, Intermediate Shaft,
Pintle, Rudder Trunk, Connecting Rad, Main Journal, Cross Head Pin, Clinder
Cover, Piston Crown Piston Rod, Channel Cover, Forged Shell, Girth Flange,
Reducer, Tube Sheet, Blind Cover, Forged Neck, Forged Pipe, Head Skirt,
Diaphagm, Drum Tube Sheet, Trunnion, Tube Sheet, Casting Mold, Crane Wheel, Forged
Ring, Kiln Trie, Toller For Kiln, Round Bar, Aluminium Forged Rings, Titanium
Forged Rings |
|
Suppliers |
HYUNDAI STEEL COMPANY(120111-0001743) POSCO SPECIALTY STEEL CO., LTD.(194211-0025248) SEAH BESTEEL CORPORATION(110111-0035794) |
|
Customers |
HYUNDAI HEAVY INDUSTRIES CO., LTD.(181211-0000386) SIEPUH GEARS SYSTEM GMBH(GERMANY) SIEMENS WIND POWER A/S(USA) B.Y.W WIND TECHNOLOGY(CHINA) GE VESTAS SIEMENS |
|
Competitors |
PYUNG HWA ANTI-VIBRATION SYSTEM CO., LTD. 29-17, BONRI-RI, NONGONG-EUP, DALSEONG-GUN,
DAEGU, KOREA TEL:+82-53-610-7000 FAX:+82-53-615-0566 SKF KOREA CO., LTD. 1171, JISA-DONG, GANGSEO-GU, BUSAN, KOREA TEL:+82-51-970-2401 FAX:+82-51-970-2498 KOREA SINTERED METAL CO., LTD. DALSEONG INDUSTRIAL COMPLEX, 29-10, BONRI-RI,
NONGONG-EUP, DALSEONG-GUN, DAEGU, KOREA TEL:+82-53-610-0700 FAX:+82-53-610-0701 SCHAEFFLER KOREA CORPORATION 452-9, NAE-DONG, CHANGWON-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-280-8700 FAX:+82-55-280-7890 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Cooperative Enterprise |
-Insured Company HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) |
(Activity &
Markets)
|
Sales/ Unit :Mil KRW |
06/2012 |
2011 |
2010 |
|
Export |
149,189 |
255,747 |
185,638 |
|
Domestic |
101,439 |
224,918 |
147,988 |
|
Total |
250,628 |
480,665 |
333,626 |
The Subject imports
from Brazil and Russia.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
Busan District Court |
AH Industries Flanges A/S |
The Subject Company |
- |
2,054,500,000 |
Proceeding |
|
|
Busan District Court |
The Subject Company |
AH Industries Flanges A/S |
Receivables |
3,421,000,000 |
Proceeding |
|
|
Denmark Commercial Arbitration Commission |
AH Industries Flanges A/S |
The Subject Company |
Compensation |
DKK13,728,858 |
Proceeding |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.28 |
|
|
1 |
Rs.82.65 |
|
Euro |
1 |
Rs.70.22 |
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.