|
Report Date : |
07.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
TSM TECH CO.,
LTD. |
|
|
|
|
Registered Office : |
448, Sanam-ro, Onsan-eup, Ulju-gun, Ulsan |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
16.02.1998 |
|
|
|
|
Com. Reg. No.: |
113-81-46733 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Other Special Purpose Machinery, n.e.c. |
|
|
|
|
No of Employees : |
306 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
|
With Financials |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 and 2013 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The administration in 2014 is likely to face the challenge 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 about half of GDP.
|
Source
: CIA |
Basic
|
Company Name |
TSM TECH CO.,
LTD. (Korean Company Name : “(주)티에스엠텍”) |
|
Registered Address |
448, Sanam-ro, Onsan-eup, Ulju-gun, Ulsan,
Korea |
|
Zip Code |
689-892 |
|
Tel |
+82-52-227-1680 |
|
Fax |
+82-52-227-1725 |
|
E-mail |
lglee@tsm-tech.com;nyuseok777@tsm-tech.com |
|
Website |
www.tsm-tech.com |
|
Trading
Address |
448,
Sanam-ro, Onsan-eup, Ulju-gun, Ulsan, Korea (Old Address System : 261, Ijin-ri, Onsan-eup, Ulju-gun, Ulsan, Korea) |
|
Tel |
+82-52-227-1680 |
|
Fax |
+82-52-227-1725 |
|
Other
Address- Ansan Factory |
4Ba-505-1, Sihwa Industrial Complex, 784-6, Seonggok-dong, Danwon-gu,
Ansan-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-432-5511 |
|
Fax |
+82-31-432-0412 |
|
Other
Address-Onsan Factory |
San 47, Ijin-ri, Onsan-eup, Ulju-gun, Ulsan, Korea |
|
Tel |
+82-52-237-7500 |
|
Fax |
+82-52-270-1750 |
|
Type |
Export/Import |
|
Industry |
Manufacture
of Other Special Purpose Machinery, n.e.c. |
|
Main Business |
Titanium
Etching Chamber, Heat Exchanger |
|
Established (mm/dd/yyyy) |
02/16/1998 |
The Subject owns the
premises of registered HQ address and Ansan Factory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Paint
systems(23153500) |
|
Sell |
Nickel(11101706) |
|
Sell |
Storage
racks or shelves(24102004) |
|
Sell |
Zirconium
Zr(12141751) |
|
Sell |
Heat
exchangers(40101802) |
|
Sell |
Washers(31161800) |
|
Sell |
Nuts(31161700) |
|
Sell |
Bolts(31161600) |
|
Sell |
Busways(39121206) |
CEO’s
|
Name |
Park Dae-Joo |
|
Date of Birth |
04/12/1972 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
5,215,360,000 |
||||||||||||||||||||||||||||||
|
Employees |
306 |
||||||||||||||||||||||||||||||
|
Formation |
Listed
Company (KOSDAQ: 066350) as of 01/21/2003 |
||||||||||||||||||||||||||||||
|
Bank Details |
Citibank, Korea Hana Bank Korea Development Bank |
||||||||||||||||||||||||||||||
|
Corporate Registered No. |
110111-1513137 |
||||||||||||||||||||||||||||||
|
Business Registered No. |
113-81-46733 |
||||||||||||||||||||||||||||||
|
Permit & Licenses |
01/2001 ISO 9001 by HSB-RS(USA) 07/2005 ISO 14001 by HSB-RS(USA) Int’l
Trade No.: 11494506 |
||||||||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||||||||
|
Company History |
02/16/1998 Incorporated as TS Metal Co.,
Ltd. 04/2001 Changed company name to the present
name 07/27/2005 Designated as a Venture business 03/23/2007 Moved to 22-3,
Bugok-dong, Nam-gu, Ulsan, Korea from 4Ba-505-1, Sihwa
Industrial Complex, 784-6, Seonggok-dong, Danwon-gu, Ansan-si, Gyeonggi-do,
Korea 11/2011 Awarded US$ 100 Million Export Top Prize 12/2013
Moved to the present HQ address from 22-3, Bugok-dong, Nam-gu, Ulsan, Korea |
||||||||||||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education / Career |
|
President
& CEO |
Mr. |
Park Dae-Joo |
Korean |
1972.04.12 |
Korea University, Korea |
|
Director |
Mr. |
Ma Hyo-Sang |
Korean |
1987.04 |
Canada
Humber College |
|
Auditor |
Mr. |
Kim Sung-Hwan |
Korean |
1971.09 |
Korea University, Korea |
|
Outside
Director |
Mr. |
Ma Hyo-Eng |
Korean |
1952.10 |
- |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
(*)2013 |
203,621,800,396 |
318,563,047,347 |
-23,954,917,341 |
|
(*)2012 |
324,363,554,586 |
346,758,494,483 |
1,872,474,316 |
|
(*)2011 |
309,708,068,834 |
363,011,825,912 |
9,311,887,740 |
|
2010 |
246,908,361,831 |
328,197,999,984 |
2,166,047,178 |
|
2009 |
186,400,904,262 |
274,838,441,735 |
(-)6,365,167,660 |
|
2008 |
222,352,611,205 |
276,582,945,601 |
3,846,261,160 |
|
2007 |
136,892,553,193 |
161,838,949,975 |
8,852,418,067 |
|
2006 |
117,278,353,794 |
140,154,278,583 |
12,620,630,971 |
|
2005 |
85,351,519,667 |
99,411,433,857 |
10,086,971,838 |
|
2004 |
56,099,607,942 |
69,069,178,262 |
5,685,971,939 |
|
2003 |
27,507,987,918 |
40,327,822,630 |
3,372,768,694 |
(*)Figures are based
on the K-IFRS Accounting System.
Financial
Description
|
Authorized Capital(KRW) |
10,000,000,000 |
|
Paid-Up Capital(KRW) |
5,215,360,000 |
|
Total Issued Shares |
10,430,720 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
318,563,047,347 |
346,758,494,483 |
363,011,825,912 |
|
Current
Assets |
203,022,160,423 |
246,188,009,943 |
259,179,418,794 |
|
Cash & Cash Equivalents |
6,666,734,351 |
3,111,094,819 |
15,191,748,926 |
|
Trade Receivables & Other
Receivables |
120,847,021,085 |
164,619,756,529 |
168,671,529,863 |
|
Current Financial Instruments |
13,151,135,415 |
9,179,150,248 |
6,015,911,563 |
|
Deferred Income Tax Assets |
249,712,579 |
0 |
0 |
|
Current Non-Financial Instruments |
3,566,548,596 |
3,081,850,062 |
5,487,517,864 |
|
Inventories |
58,541,008,397 |
66,196,158,285 |
63,812,710,578 |
|
Non-Current
Assets |
115,540,886,924 |
100,570,484,540 |
103,832,407,118 |
|
Tangibles |
91,092,128,989 |
80,539,317,011 |
82,144,539,952 |
|
Intangibles |
3,495,333,117 |
3,544,654,958 |
6,357,235,383 |
|
Investment_Related Companies |
1,846,978,705 |
2,973,917,808 |
3,332,245,659 |
|
Deferred Income Tax Assets |
9,454,884,691 |
3,042,927,945 |
2,020,299,591 |
|
Non-Current Financial Instruments |
7,223,933,461 |
7,738,795,311 |
7,052,697,071 |
|
Non-Current Non-Financial
Instruments |
2,427,627,961 |
2,730,871,507 |
2,925,389,462 |
|
Total
Liabilities |
254,106,303,041 |
259,912,835,274 |
277,274,646,913 |
|
Current
Liabilities |
185,921,236,050 |
225,150,155,961 |
231,645,137,848 |
|
Trade Payables & Other
Payables |
38,534,041,349 |
49,378,827,276 |
51,503,301,891 |
|
Other
Payables-Construction |
8,905,715,637 |
1,326,393,946 |
12,512,677,059 |
|
Short-Term Borrowings |
73,414,795,102 |
110,262,214,667 |
93,631,486,200 |
|
Current Portion of Long-Term
Debts |
42,319,616,000 |
48,800,000,000 |
58,458,382,214 |
|
Deferred Income Tax Credit |
0 |
179,875,203 |
3,208,736,244 |
|
Other Current Financial Debts |
20,223,011,855 |
11,813,204,945 |
10,190,046,297 |
|
Other Current Non-Financial Debts |
2,524,056,107 |
3,389,639,924 |
2,140,507,943 |
|
Non-Current
Liabilities |
68,185,066,991 |
34,762,679,313 |
45,629,509,065 |
|
Long-Term Borrowings |
63,066,664,000 |
29,646,719,505 |
40,000,000,000 |
|
Provision for Severance &
Retirement |
5,015,402,991 |
5,106,959,808 |
5,529,509,065 |
|
Other Non-Current Non-Financial
Debts |
103,000,000 |
9,000,000 |
100,000,000 |
|
Capital
Stock |
5,215,360,000 |
4,988,209,500 |
4,939,808,000 |
|
Capital Surplus |
30,698,868,493 |
29,119,583,553 |
28,566,083,919 |
|
Others |
-2,059,219,770 |
-2,063,922,155 |
-1,916,943,881 |
|
Profit Surplus |
30,601,735,583 |
54,801,788,311 |
54,148,230,961 |
|
Total Equity |
64,456,744,306 |
86,845,659,209 |
85,737,178,999 |
|
Liab. & Shareholder’s Equity |
318,563,047,347 |
346,758,494,483 |
363,011,825,912 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
203,621,800,396 |
324,363,554,586 |
309,708,068,834 |
|
Cost of Sold Goods |
189,220,295,438 |
275,413,060,872 |
263,646,642,047 |
|
Gross Profit |
14,401,504,958 |
48,950,493,714 |
46,061,426,787 |
|
Selling & Admin. Expenses |
31,038,096,059 |
28,418,068,587 |
24,372,083,230 |
|
Operating Income |
-16,636,591,101 |
20,532,425,127 |
21,689,343,557 |
|
Other Income |
6,144,154,699 |
8,172,932,143 |
10,398,787,332 |
|
Other Expenses |
8,114,879,062 |
14,632,069,940 |
7,459,110,729 |
|
Finance Income |
180,834,540 |
189,178,261 |
324,495,826 |
|
Finance Expenses |
11,900,155,303 |
11,970,028,811 |
12,812,522,549 |
|
Income Before Taxes |
-30,326,636,227 |
2,292,436,780 |
12,140,993,437 |
|
Income Taxes Expenses |
-6,371,718,886 |
419,962,464 |
2,829,105,697 |
|
Net Income |
-23,954,917,341 |
1,872,474,316 |
9,311,887,740 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Operating
Activities Cash Flows |
32,601,471,669 |
-5,597,615,697 |
11,155,196,186 |
|
Cash Flows from Operating |
43,739,634,390 |
8,140,083,785 |
22,499,559,828 |
|
Income Taxes |
-429,587,783 |
-4,529,002,222 |
-370,177,219 |
|
Interests Received |
110,076,747 |
258,036,959 |
221,768,535 |
|
Interests Paid |
-10,818,651,685 |
-9,466,734,219 |
-11,195,954,958 |
|
Cash Flows from Investing |
-19,181,071,476 |
-2,517,113,188 |
2,688,747,872 |
|
Cash Flows from Financing |
-9,833,013,270 |
-3,912,694,992 |
-4,223,673,441 |
|
Increase/Decrease in Cash |
3,555,639,532 |
-12,080,654,107 |
9,738,587,156 |
|
Cash at the Beginning of Year |
3,111,094,819 |
15,191,748,926 |
5,453,161,770 |
|
Cash at the End of Year |
6,666,734,351 |
3,111,094,819 |
15,191,748,926 |
|
Main Products & Services |
1) EQUIPMENT PTA(Purified Terephthalic Acid) Equipment Chemical/Petrochemical Equipment -Tower -Column -Heat Exchanger -Reactor -Vessel Generation Equipment -Condenser -Feed Water Heater -Heat Exchanger -Piping Spool Ocean Plant Equipment Mining Equipment 2) PARTS -Flange -Elbow -Basket -Busbar -Bolt -Nut |
|
Suppliers |
NSC-JAPAN SUMITOMO-JAPAN ROLLED-ALLOYS-UK GRANDIS-US |
|
Customers |
SK ENERGY CO., LTD.(110111-3710385) KP CHEMICAL CORP.(230111-0082112) SKC LTD.(130111-0001585) TAEKWANG INDUSTRIAL CO.,
LTD.(110111-0185276) HANWHA
E&C CO., LTD.(110111-2558405) HYUNDAI ENGINEERING & CONSTRUCTION CO.,
LTD.(110111-0007909) KOLON CHEMICAL CO., LTD.(110111-0191405) S-OIL CORPORATION(110111-0189955) KOREA WESTERN POWER CO.,
LTD(110111-2207177) HYUNDAI HEAVY INDUSTRIES CO.,
LTD.(181211-0000386) KOREA MIDLAND POWER CO.,
LTD.(110111-2207193) KOREA EAST-WEST POWER CO.,
LTD.(110111-2207151) SAMSUNG PETROCHEMICAL CO.,
LTD.(181211-0000435) KOREA HYDRO & NUCLEAR POWER CO.,
LTD.(110111-2207127) MITSUBISHI HEAVY INDUSTRIES-JAPAN JORD INTERNATIONAL ENGINEERING-AUSTRALIA FLUOR DANIEL JACOBS TECHNIMONT |
|
Competitors |
DAEKYUNG MACHINERY & ENGINEERING CO.
LTD 125-2 BUHGOK-DONG NAM-GU ULSAN-SI, 608-110
KOREA TEL:+82-52-2789000 FAX:+82-52-2739898 BUMWOO ENG CO., LTD. 165-2 JANGJI-RI GUNBUK-MYEON HAMAN-GUN
GYEONGSANGNAM-DO, 637-824 KOREA TEL:+82-55-5853800 FAX:+82-55-5853805 KYUNGDONG NAVIEN CO., LTD. 437, SEHGYO-DONG PYUNGTAEK-SI, GYEONGGI-DO,
450-818 KOREA TEL:+82-31-6591144 FAX:+82-31-6591111 KOREA INSTITUTE OF MACHINERY AND METALS KPC CORPORATION(170111-0019605) HYNDAI TITANIUM(110111-1115488) ALL MAT CO., LTD.(135511-0129780) COEK-BELGIUM HITACHI-JAPAN MITSUBISHI-JAPAN |
|
Joint Venture |
TSM
ARABIA(SAUDI ARABIA) : JV with SSP(SAUDI STEEL PIPE CO., LTD.) |
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO.,
LTD(110111-0013328) LIG INSURANCE CO., LTD.(110111-0017859) HYUNDAI MARINE & FIRE INSURANCECO.,
LTD.(110111-0035893) |
|
Sales/ Unit :Mil KRW |
2013 |
2012 |
2011 |
|
Export |
114,686 |
232,096 |
122,990 |
|
Domestic |
88,935 |
92,267 |
186,718 |
|
Total |
203,621 |
324,363 |
309,708 |
The Subject imports
from Japan, UK & USA, and exports to USA, Middle East, Mexico and Europe.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.32 |
|
|
1 |
Rs. 100.03 |
|
Euro |
1 |
Rs. 82.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
DPT |
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.