|
Report Date : |
27.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
TORAY ADVANCED MATERIALS KOREA INC |
|
|
|
|
Formerly Known As : |
TORAY SAEHAN INC. |
|
|
|
|
Registered Office : |
93-1, Imsu-dong, Gumi-si,
Gyeongsangbuk-do, Korea, Zip Code 730-350 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
15.10.1999 |
|
|
|
|
Com. Reg. No.: |
513-81-16410 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacturer of Plastic Films, Sheets and Plates |
|
|
|
|
No. of Employees : |
1,233 |
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 : |
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
|
Company
Name |
TORAY ADVANCED MATERIALS
KOREA INC. (Ex. Company
Name : TORAY SAEHAN INC., “도레이새한(주)”) (Korean Company Name : “도레이첨단소재(주)”) |
|
Registered Address |
93-1, Imsu-dong, Gumi-si,
Gyeongsangbuk-do, Korea (New Address System : 300, 3gongdan 2-ro, Gumi-si, Gyeongsangbuk-do,
Korea) |
|
Zip Code |
730-350 |
|
Tel |
+82-54-479-6114 |
|
Fax |
+82-54-479-6371 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
16~17FL., LG Mapo Bldg., 275, Gongdeok-dong, Mapo-gu, Seoul, Korea |
|
Tel |
+82-2-3279-1000 |
|
Fax |
+82-2-3279-1411 |
|
Other Address-Gumi 2 Factory |
287, Gongdan-dong, Gumi-si, Gyeongbuk,
Korea |
|
Tel |
+82-54-479-6114 |
|
Fax |
+82-54-479-6371 |
|
Other Address- Gumi 3 Factory |
4Danji, 24
Block, Gupo-dong, Gumi-si, Gyeongbuk, Korea |
|
Tel |
+82-54-479-6605 |
|
Fax |
+82-54-479-6609 |
|
Other Address -AMRC |
Rm.703, Korea University, Anam-dong 5-ga,
Seongbuk-gu, Seoul, Korea |
|
Tel |
+82-2-953-4035 |
|
Fax |
+82-2-953-4039 |
|
Other Address-Daegu Office |
93-1 Imsu-dong, Gumi-si, Gyeongsangbuk-do,
730-350, Korea |
|
Tel |
+82-54-479-6286~7 |
|
Fax |
+82-54-479-6193 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Plastic Films, Sheets and
Plates |
|
Main Business |
Polyester Filament, PP/Pet Spunbond,
Polyester Film, Polyester Chip |
|
Sub Business |
Manufacture of Other Non-woven and Felt
Fabrics |
|
Established
(mm/dd/yyyy) |
10/15/1999 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Nonwoven
fabrics(11162200) |
|
Sell |
Polyester
films(13111210) |
|
Sell |
Polyester
yarn(11151703) |
|
Sell |
Films(13111200) |
|
Name |
Lee
Young-Gawn |
|
Address |
991, Bukhangang-ro, Seojong-myeon, Yangpyeong-gun,
Gyeonggi-do, Korea |
|
Date of Birth |
09/12/1947 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
475,000,000,000 |
|||||||||
|
Employees |
1,233 |
|||||||||
|
Formation |
Co., Ltd by shares Foreign
Direct Investment Corporation |
|||||||||
|
Bank Details |
Woori Bank Hana Bank Shinhan Bank Korea Exchange Bank |
|||||||||
|
Corporate Registered No. |
176011-0020054 |
|||||||||
|
Business
Registered No. |
513-81-16410 |
|||||||||
|
Permit & Licenses |
Int’l
Trade No.: 13069555 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
10/15/1999 Incorporated as Toray Saehan
Inc. as a JV with Saehan and Toray Industries, Inc.(Japan) 12/03/2004 Increased capital to
336,000,000,000 KRW from 300,000,000,000 KRW 12/25/2005 Increased capital to
356,900,000,000 KRW from 336,000,000,000 KRW 06/24/2009 Increased capital to
415,000,000,000 KRW from 356,900,000,000 KRW 04/20/2010 Changed company name to the
present name 02/01/2012 Increased capital to
455,000,000,000 KRW from 415,000,000,000 KRW 08/01/2012 Increased capital to
475,000,000,000 KRW from 455,000,000,000 KRW |
|||||||||
|
|
|
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
Co-President
& CEO |
Mr. |
Lee Young-Gawn |
Male |
Korean |
10/15/1999 |
|
Co-President
& CEO |
Mr. |
Kim Sang-Phil |
Male |
Korean |
01/01/2013 |
|
Director |
Mr. |
Kim Yang-Kyu |
Male |
Korean |
10/15/2002 |
|
Director |
Mr. |
Seo Jung-Tae |
Male |
Korean |
10/15/2002 |
|
Director |
Mr. |
Won Dong-Ho |
Male |
Korean |
03/14/2011 |
|
Director |
Mr. |
Jeon Won-Sik |
Male |
Korean |
12/28/2007 |
|
Director |
Mr. |
Washiyama Masayoshi |
Male |
Japanese |
03/15/2013 |
|
Director |
Mr. |
Inakaki Akistuku |
Male |
Japanese |
03/15/2013 |
|
Director |
Mr. |
Seo Ki-Bong |
Male |
Korean |
03/17/2009 |
|
Director |
Mr. |
Takewuchi Hitoshi |
Male |
Japanese |
08/13/2012 |
|
Director |
Mr. |
Song Baik-Ha |
Male |
Korean |
02/23/2010 |
|
Auditor |
Mr. |
Numano Ryuichi |
Male |
Japanese |
03/19/2004 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
2012 |
1,331,196,046,415 |
1,419,455,546,280 |
164,852,985,592 |
|
2011 |
1,281,887,793,301 |
1,245,321,872,386 |
178,581,714,245 |
|
2010 |
1,136,139,200,391 |
1,062,427,389,708 |
166,300,149,176 |
|
952,993,223,135 |
893,150,971,047 |
88,157,185,724 |
|
|
2008 |
839,766,737,886 |
828,098,612,276 |
33,261,476,604 |
|
2007 |
724,110,861,936 |
798,375,544,595 |
38,283,566,307 |
|
2006 |
685,618,159,033 |
740,571,328,705 |
40,464,549,623 |
|
2005 |
661,075,966,438 |
679,423,768,821 |
47,473,595,067 |
|
2004 |
642,565,779,285 |
716,926,006,266 |
54,117,116,169 |
|
Authorized Capital(KRW) |
600,000,000,000 |
|
Paid-Up Capital(KRW) |
475,000,000,000 |
|
Total Issued Shares |
95,000,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
1,419,455,546,280 |
1,245,321,872,386 |
1,062,427,389,708 |
|
Current Assets |
505,517,593,590 |
475,203,576,041 |
500,542,300,129 |
|
-Quick
Assets |
330,459,850,239 |
316,874,276,933 |
382,084,966,300 |
|
-Inventories |
175,057,743,351 |
158,329,299,108 |
118,457,333,829 |
|
Fixed
Assets |
913,937,952,690 |
770,118,296,345 |
561,885,089,579 |
|
-Investment |
103,705,172,280 |
90,369,840,609 |
49,242,656,206 |
|
-Tangibles |
794,326,620,056 |
663,418,037,870 |
495,143,135,093 |
|
-Intangibles |
2,672,849,017 |
3,369,502,177 |
4,379,060,553 |
|
-Others |
13,233,311,337 |
12,960,915,689 |
13,120,237,727 |
|
Total Liabilities |
220,513,354,898 |
242,786,642,934 |
222,689,811,119 |
|
Current Liabilities |
207,411,113,902 |
235,245,375,887 |
210,513,130,464 |
|
Fixed Liabilities |
13,102,240,996 |
7,541,267,047 |
12,176,680,655 |
|
Capital Stock |
475,000,000,000 |
415,000,000,000 |
415,000,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
718,126,823,835 |
577,065,388,463 |
419,612,874,218 |
|
Capital Adjustment |
5,815,367,547 |
10,469,840,989 |
5,124,704,371 |
|
Total Equity |
1,198,942,191,382 |
1,002,535,229,452 |
839,737,578,589 |
|
Liab. & Shareholder’s Equity |
1,419,455,546,280 |
1,245,321,872,386 |
1,062,427,389,708 |
|
Current Liabilities |
207,411,113,902 |
235,245,375,887 |
210,513,130,464 |
|
Trade
Payables |
110,443,169,575 |
99,356,889,804 |
98,789,038,561 |
|
Account
Payables |
54,946,027,222 |
93,767,783,813 |
73,008,680,920 |
|
Advance
Receipts |
895,624,333 |
359,019,824 |
207,940,131 |
|
Withholdings |
2,769,926,875 |
2,480,172,037 |
3,484,671,061 |
|
Guarantee
Deposit Withhold |
292,000,000 |
303,000,000 |
291,000,000 |
|
Accrued
Expenses |
9,004,095,371 |
6,885,670,080 |
5,557,908,086 |
|
Accrued
Income Tax |
18,317,323,041 |
25,794,164,378 |
23,275,098,972 |
|
Derivatives |
83,871,843 |
52,614,498 |
- |
|
Leasehold
Deposit Received |
686,534,400 |
679,068,000 |
46,068,000 |
|
Provision
for Warrant |
708,254,050 |
1,077,324,295 |
1,632,972,035 |
|
Provisions |
8,283,647,192 |
3,999,289,158 |
3,895,072,698 |
|
Other
Current Liabilities |
980,640,000 |
490,380,000 |
324,680,000 |
|
Fixed Liabilities |
13,102,240,996 |
7,541,267,047 |
12,176,680,655 |
|
Provision
for Severance & Retirement |
34,919,239,120 |
27,554,357,702 |
31,376,467,408 |
|
Non-Current
Portion of Deferred Income Tax Credit |
6,354,456,713 |
5,503,859,184 |
2,863,284,272 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
1,331,196,046,415 |
1,281,887,793,301 |
1,136,139,200,391 |
|
Cost of Sold Goods |
1,052,886,235,828 |
990,612,327,258 |
865,872,369,816 |
|
Gross Profit |
278,309,810,587 |
291,275,466,043 |
270,266,830,575 |
|
Selling & Admin. Expenses |
88,249,037,423 |
85,087,763,442 |
79,228,347,188 |
|
Operating Income |
190,060,773,164 |
206,187,702,601 |
191,038,483,387 |
|
Non-Operating Income |
32,754,326,150 |
35,748,777,536 |
32,909,095,650 |
|
Non-Operating Expenses |
24,698,414,386 |
21,505,837,966 |
25,094,741,041 |
|
Income Before Taxes |
198,116,684,928 |
220,430,642,171 |
198,852,837,996 |
|
Income Taxes Expenses |
33,263,699,336 |
41,848,927,926 |
32,552,688,820 |
|
Net Income |
164,852,985,592 |
178,581,714,245 |
166,300,149,176 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Cash Flows from Operating |
187,439,510,552 |
182,790,049,317 |
245,348,644,533 |
|
-Net Income |
164,852,985,592 |
178,581,714,245 |
166,300,149,176 |
|
-Exp. without Cash Outflow |
84,193,309,467 |
62,758,955,106 |
62,690,874,818 |
|
-Revenue without Cash Inflows |
-10,996,460,407 |
-6,121,256,432 |
-9,304,168,896 |
|
-Changes in Asset/ & Liability |
-50,610,324,100 |
-52,429,363,602 |
25,661,789,435 |
|
Cash Flows from Investing |
-220,147,183,445 |
-251,018,224,569 |
-116,493,879,367 |
|
-Cash Inflow from Investing |
1,416,865,979 |
1,314,011,936 |
23,398,149,571 |
|
-Cash Outflows for Investing |
-221,564,049,424 |
-252,332,236,505 |
-139,892,028,938 |
|
Cash Flows from Financing |
39,414,109,985 |
-19,559,535,562 |
-57,781,082,432 |
|
-Cash Inflows from Financing |
62,751,900,468 |
2,496,614,900 |
2,186,905,776 |
|
-Cash Outflows from Financing |
-23,337,790,483 |
-22,056,150,462 |
-59,967,988,208 |
|
Increase/Decrease in Cash |
6,706,437,092 |
-87,787,710,814 |
71,073,682,734 |
|
Cash at the Beginning of Year |
88,460,068,370 |
176,247,779,184 |
105,174,096,450 |
|
Cash at the End of Year |
95,166,505,462 |
88,460,068,370 |
176,247,779,184 |
|
Main Products & Services |
Polyester Film -Polyester Film -Metallized Film IT Materials -Display materials -Electronics & Circuit Materials -Metaloyal Spunbond -PP Spunbond -PET Spunbond Polyester Chip Polyester Filament PLA |
|
Competitors |
HWASEUNG INDUSTRIES CO., LTD. 6TH FL., JANGCHEON BLDG., 1287-21, YEONSAN
5-DONG, YEONJE-GU, BUSAN, KOREA TEL:+82-51-311-0081 FAX:+82-51-312-2465 SKC HAAS DISPLAY FILMS CO., LTD. 460, CHEONHEUNG-RI, SEONGGEO-EUP,
SEOBUK-GU, CHEONAN-SI, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-550-9999 FAX:+82-41-622-9999 SANGBO ELECTRONIC CO., LTD. 466, UIJEON-RI, JINYEONG-EUP, GIMHAE-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-343-0822 FAX:+82-55-343-2679 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
TORAY INTERNATIONAL KOREA CO., LTD.(110111-3317339) (20.0% held by the subject company) GUMI SPUNTECH CO., LTD.(176011-0041943) (100.0% held by the subject company) STEMCO CO., LTD.(281111-0102399) DAEHAN PRECISION CO., LTD.(KOREA) CHORI CO., LTD. PENFIBRE SDN. BERHAD THAI TORAY SYNTHETICS CO., LTD. TORAY FILM PRODUCTS(ZHONSHAN) CO., LTD. TORAY INTERNATIONAL EUROPE GMBH TORAY FIBERS(NANTONG)CO., LTD(TFNL) TORAY INTERNATIONAL, INC. TORAY PLASTICS(AMERICA), INC. TORAY INTERNATIONAL (THAILAND) LTD. TORAY ADVANCED FILM CO., LTD. TORAY PRECISION CO. TORAY SAKAI WEAVING & DYEING TORAY INTERNATIONAL AMERICA, INC. TORAY INTERNATIONAL (SINGAPORE) PTE. LTD. YIHUA TORAY POLYESTER FILM CO., LTD. |
|
Overseas Office |
TORAY INDUSTRIES, INC. NIHONBASHI MITSUI TOWER, 1-1
NIHONBASHI-MUROMACHI, 2-CHOME, CHUO-KU, TOKYO 103-8666, JAPAN TEL:+81-3-3245-5111 FAX:+81-3-3245-5054 TORAY PLASTIC (AMERICA) INC.(TPA) 50 BELVER AVE. NORTH KINGSTOWN, RI 02852,
USA TEL:+1-401-294-4511 FAX:+1-401-294-2154 TORAY INTERNATIONAL EUROPE GMBH(TIEU) HUGENOTTENALLEE 175, 63263 NEU-ISENBURG,
GERMANY TEL:+49-6102-79990 FAX:+49-6102-7999291 TORAY POLYTECH (NANTONG) CO., LTD. NO. 56, XINKAI SOUTH ROAD, NANTONG ECONOMIC
& TECHNICAL AREA, NANTONG, JIANGSU, PR CHINA TEL:+86-513-8010-0290 FAX:+86-513-8010-0298 |
|
Subsidiary |
TORAY POLYTECH(NANTONG) CO., LTD.(TPN) (50.0% held by the subject company) TORAY POLYTECH(JAKARTA) CO., LTD.(TPJ) (65.00% held by the subject company) TAK INFORMATION SYSTEMS CO., LTD.(TIS: 110111-1369465) (67.11% held by the subject company) |
|
Corporate Ownership |
TORAY
INDUSTRIES, INC |
|
Cooperative Enterprise |
-Insured Company SAMSUNG
FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
(Activity & Markets)
The Subject deals
with the companies in Japan, China, Germany and USA.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.45 |
|
UK Pound |
1 |
Rs.100.86 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.