MIRA INFORM REPORT
|
Report Date : |
21.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
TAE CHANG INDUSTRIAL CO., LTD. |
|
|
|
|
Registered Office : |
691-4, Boheung-ri, Useong-myeon, Gongju-si, Chungcheongnam-do, Korea
314-864 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
06.08.2007 |
|
|
|
|
Com. Reg. No.: |
307-81-26201 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Other Medical and Surgical Equipment and Orthopedic
Appliances n.e.c. |
|
|
|
|
No. of Employees : |
105 |
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 : |
Unknown |
|
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 is currently the world's 12th largest economy. 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. Korea's export focused economy was hit hard by the 2008 global
economic downturn, but quickly rebounded in subsequent years, reaching 6.3% growth
in 2010. The US-South Korea Free Trade Agreement was ratified by both
governments in 2011 and went into effect in March 2012. Throughout 2012 the
economy experienced sluggish growth because of market slowdowns in the United
States, China, and the Eurozone. The incoming administration in 2013, following
the December 2012 presidential election, is likely to face the challenges of
balancing heavy reliance on exports with developing domestic-oriented sectors,
such as services. 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
|
Company Name |
TAE CHANG INDUSTRIAL CO., LTD. |
|
Registered Address |
691-4, Boheung-ri, Useong-myeon, Gongju-si, Chungcheongnam-do, Korea |
|
Zip Code |
314-864 |
|
Tel |
+82-41-854-7422 |
|
Fax |
+82-41-852-7004 |
|
E-mail |
taechang@kornet.net;tcind@needles.co.kr |
|
Website |
www.tcneedles.com;www.needles.co.kr |
|
Trading Address |
691-4, Boheung-ri, Useong-myeon, Gongju-si, Chungcheongnam-do, Korea |
|
Tel |
+82-41-854-7422 |
|
Fax |
+82-41-852-7004 |
|
Other Address-Factory |
293-2, Gongdan 2-dong, Gumi-si, Gyeongsangbuk-do, Korea |
|
Tel |
+82-54-461-5591 |
|
Fax |
+82-54-461-5594 |
|
Other Address-Office |
Hanshin Intervalley 24 East Bldg., 707-34, Yeoksam 2-dong, Gangnam-gu,
Seoul, Korea |
|
Tel |
+82-2-2183-1155 |
|
Fax |
+82-2-2183-1154 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Other Medical and Surgical Equipment and Orthopedic
Appliances n.e.c. |
|
Main Business |
Disposable Needle, Spinal Needle |
|
Established (mm/dd/yyyy) |
06/08/2007 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Injection and aspiration needles and accessories(42142500) |
|
Name |
In Jung-Ryun |
|
Address |
A-4602, 56, Eonju-ro 30-gil, Gangnam-gu,
Seoul, Korea |
|
Date of Birth |
09/08/1956 |
|
Title |
Representative Director |
|
Sex |
Male |
|
Nationality |
Canadian |
|
Capital (KRW) |
50,000,000 |
|
Employees |
105 |
|
Formation |
Co., Ltd by Shares |
|
Bank Details |
Citibank, Korea |
|
Corporate Registered No. |
1612110-018325 |
|
Business Registered No. |
307-81-26201 |
|
Permit & Licenses |
01/05/2004 CE,ISO9001:2000 01/05/2004 ISO 13488:1996(SGS No. GB04/60714-60716) |
|
Shareholder Position |
N/A |
|
Company History |
06/1991 Established as TAE CHANG
INDUSTRIAL CO.(Sole Proprietorship) 06/08/2007 Incorporated as the present name |
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Representative Director |
Mr. |
In Jung-Ryun |
Male |
Canadian |
06/08/2010 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
|
|
|
|
|
2011 |
11,225,000,000 |
7,704,000,000 |
826,000,000 |
|
2010 |
10,003,000,000 |
6,958,000,000 |
942,000,000 |
|
2009 |
10,161,000,000 |
4,542,000,000 |
689,000,000 |
|
2008 |
|
|
|
|
2007 |
|
|
|
|
2006 |
|
|
|
|
2005 |
|
|
|
|
2004 |
|
|
|
|
2003 |
|
|
|
The latest & full financials are not
available, and the Subject Company does not have any obligations to release its
financials to the public.
|
Authorized Capital(KRW) |
200,000,000 |
|
Paid-Up Capital(KRW) |
50,000,000 |
|
Total Issued Shares |
10,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
7,704,000,000 |
6,958,000,000 |
4,542,000,000 |
|
Current Assets |
3,343,000,000 |
3,217,000,000 |
1,411,000,000 |
|
-Quick Assets |
- |
- |
- |
|
-Inventories |
- |
- |
- |
|
Fixed Assets |
4,361,000,000 |
3,741,000,000 |
3,131,000,000 |
|
-Investment |
- |
- |
- |
|
-Tangibles |
- |
- |
- |
|
-Intangibles |
- |
- |
- |
|
Total Liabilities |
4,732,000,000 |
4,796,000,000 |
3,363,000,000 |
|
Current Liabilities |
4,158,000,000 |
4,556,000,000 |
3,313,000,000 |
|
Fixed Liabilities |
574,000,000 |
240,000,000 |
50,000,000 |
|
Capital Stock |
50,000,000 |
50,000,000 |
50,000,000 |
|
Capital Surplus |
- |
- |
- |
|
Profit Surplus |
- |
- |
- |
|
Capital Adjustment |
- |
- |
- |
|
Total Equity |
2,971,000,000 |
2,162,000,000 |
1,179,000,000 |
|
Liab. & Shareholder’s Equity |
7,703,000,000 |
6,958,000,000 |
4,542,000,000 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
11,225,000,000 |
10,003,000,000 |
10,161,000,000 |
|
Cost of Sold Goods |
8,963,000,000 |
7,538,000,000 |
8,390,000,000 |
|
Gross Profit |
2,262,000,000 |
2,465,000,000 |
1,771,000,000 |
|
Selling & Admin. Expenses |
1,265,000,000 |
1,394,000,000 |
970,000,000 |
|
Operating Income |
997,000,000 |
1,071,000,000 |
801,000,000 |
|
Non-Operating Income |
142,000,000 |
120,000,000 |
232,000,000 |
|
Non-Operating Expenses |
125,000,000 |
113,000,000 |
139,000,000 |
|
Income Before Taxes |
1,014,000,000 |
1,078,000,000 |
895,000,000 |
|
Income Taxes Expenses |
188,000,000 |
136,000,000 |
206,000,000 |
|
Net Income |
826,000,000 |
942,000,000 |
689,000,000 |
|
Main Products & Services |
Cannula Bulk Needle Sterile Needle Spinal Needle Epidural Needle Dental Needle Pen Needle Insulin |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
Competitors |
KIM INTERNATIONAL 193-55, MASEOGU-RI, HWADO-EUP,
NAMYANGJU-SI, GYEONGGI-DO, KOREA TEL:+82-31-593-8716 FAX:+82-31-593-8715 BECTON DICKINSON KOREA LTD. 293-2, GONGDAN 2-DONG, GUMI-SI,
GYEONGSANGBUK-DO, KOREA TEL:+82-54-461-5591 FAX:+82-54-461-5594 SHINA CORPORATION 691-1, BOHEUNG-RI, USEONG-MYEON, GONGJU-SI,
CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-853-0871 FAX:+82-41-853-0872 |
|
Sales/ Unit :Mil KRW |
2012 |
2011 |
2010 |
|
Export |
|
|
|
|
Domestic |
|
|
|
|
Total |
|
|
|
The Subject exports to Argentina, Peru, USA,
Japan, China, Singapore, India and Germany.
Not Available.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.04 |
|
|
1 |
Rs.83.61 |
|
Euro |
1 |
Rs.70.68 |
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.