|
Report Date : |
22.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
FORESCO CO., LTD. |
|
|
|
|
Registered Office : |
6, Hakdong-ro 8-gil, Gangnam-gu, Seoul, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
02.02.2007 |
|
|
|
|
Com. Reg. No.: |
107-86-87340 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Densified and Reconstituted Wood |
|
|
|
|
No. of Employees |
107 |
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 : |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
FORESCO CO., LTD. (Korean Company Name : “(주)포레스코”) |
|
Registered
Address |
6, Hakdong-ro 8-gil, Gangnam-gu, Seoul, Korea |
|
Building |
|
|
Zip Code |
135-822 |
|
Tel |
+82-2-783-7545 |
|
Fax |
+82-32-584-4900 |
|
E-mail |
mdf@foresco.co.kr |
|
Website |
www.foresco.co.kr |
|
Trading Address |
6, Hakdong-ro 8-gil, Gangnam-gu, Seoul, Korea (Old Address System : 123-3, Nonhyeon 1-dong, Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-783-7545 |
|
Fax |
+82-32-584-4900 |
|
Other Address-Incheon Branch |
212, Bongsu-daero, Seo-gu, Incheon, Korea (Old Address System : 173-43, Gajwa 1-dong, Seo-gu, Incheon, Korea) |
|
Tel |
+82-32-584-9800 |
|
Fax |
+82-32-584-4900 |
|
Other Address-Branch |
71-8,
Pyeongchang 30-gil, Jongno-gu, Seoul, Korea |
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Densified and Reconstituted Wood |
|
Main Business |
Medium Density Fiberboard |
|
Sub Business |
|
|
Established
(mm/dd/yyyy) |
02/02/2007 |
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Plywood(11121609) |
CEO’s
|
Name |
Seung Hyon-Jun |
|
Address |
Suite 5, 71-8,
Pyeongchang 30-gil, Jongno-gu, Seoul, Korea |
|
Date of Birth |
08/08/1972 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
2,000,000,000 |
|||||||||
|
Employees |
107 |
|||||||||
|
Formation |
Co., Ltd by Shares Venture Business |
|||||||||
|
Bank Details |
Korea Exchange
Bank Woori Bank |
|||||||||
|
Corporate
Registered No. |
110111-3614082 |
|||||||||
|
Business
Registered No. |
107-86-87340 |
|||||||||
|
Permit &
Licenses |
Int’l Trade No.: 45305786 |
|||||||||
|
Shareholder
Position |
|
|||||||||
|
Company
History |
02/02/2007
Incorporated as the present name after split off from SOLAR & TECH
CO., LTD.(110111-0191900) 03/30/2009 Designated as a Venture Business 03/27/2012 Designated as a Venture Business again 09/01/2013 Moved to the present HQ address from 6th Fl.,
Wonchang Bldg., 26-3, Yeoeuido-dong, Yeongdeungpo-gu, Seoul, Korea |
|||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President & CEO |
Mr. |
Seung Hyon-Jun |
Male |
Korean |
03/29/2013 |
|
Director |
Mr. |
Jung Yeon-Won |
Male |
Korean |
02/14/2013 |
|
Director |
Mr. |
Choi Sang-Kil |
Male |
Korean |
03/27/2009 |
|
Director |
Mr. |
Hwang Sung-Sik |
Male |
Korean |
03/26/2010 |
|
Auditor |
Mr. |
Kim Se-Sik |
Male |
Korean |
03/18/2011 |
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
2013 |
66,753,696,821 |
124,446,912,735 |
-2,629,951,996 |
|
2012 |
73,273,377,518 |
105,396,812,493 |
965,878,489 |
|
2011 |
70,312,148,864 |
114,141,445,275 |
36,988,569 |
|
2010 |
71,929,515,203 |
114,006,088,201 |
208,765,390 |
|
2009 |
61,998,219,684 |
98,471,198,367 |
1,005,167,420 |
Financial Description
|
Authorized
Capital(KRW) |
7,500,000,000 |
|
Paid-Up
Capital(KRW) |
2,000,000,000 |
|
Total Issued
Shares |
4,000,000 |
|
Balance Sheet |
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
124,446,912,735 |
105,396,812,493 |
114,141,445,275 |
|
Current Assets |
28,601,658,456 |
23,925,387,227 |
31,535,591,272 |
|
-Quick Assets |
15,949,411,664 |
15,425,599,609 |
20,195,935,776 |
|
-Inventories |
12,652,246,792 |
8,499,787,618 |
11,339,655,496 |
|
Fixed Assets |
95,845,254,279 |
81,471,425,266 |
82,605,854,003 |
|
-Investment |
157,776,022 |
357,376,022 |
1,020,256,022 |
|
-Tangibles |
93,842,934,934 |
79,787,828,972 |
80,020,671,619 |
|
-Intangibles |
258,470,646 |
93,000,852 |
124,854,052 |
|
-Others |
1,586,072,677 |
1,233,219,420 |
1,440,072,310 |
|
Total
Liabilities |
78,069,719,901 |
67,974,676,211 |
77,578,830,538 |
|
Current
Liabilities |
65,439,261,143 |
57,460,327,787 |
67,528,892,688 |
|
Fixed
Liabilities |
12,630,458,758 |
10,514,348,424 |
10,049,937,850 |
|
Capital Stock |
2,000,000,000 |
2,000,000,000 |
2,000,000,000 |
|
Capital
Surplus |
8,044,289,621 |
8,044,289,621 |
8,044,289,621 |
|
Profit Surplus |
203,229,065 |
2,833,181,061 |
1,973,659,516 |
|
Capital
Adjustment |
36,129,674,148 |
24,544,665,600 |
24,544,665,600 |
|
Total Equity |
46,377,192,834 |
37,422,136,282 |
36,562,614,737 |
|
Liab. &
Shareholder’s Equity |
124,446,912,735 |
105,396,812,493 |
114,141,445,275 |
|
Current
Liabilities |
65,439,261,143 |
57,460,327,787 |
67,528,892,688 |
|
Trade Payables |
3,633,001,658 |
2,291,397,001 |
2,934,215,028 |
|
Short-Term Borrowings to Shareholders/ Executives/
Employees |
1,397,500,000 |
380,000,000 |
- |
|
Short-Term Borrowings |
52,427,922,116 |
47,270,699,288 |
56,184,550,822 |
|
Current Portion of Long-Term Debts |
1,013,500,000 |
895,300,000 |
906,600,000 |
|
Account Payables |
5,305,633,146 |
4,946,011,947 |
5,446,132,417 |
|
Advance Receipts |
74,291,557 |
30,542,720 |
81,568,274 |
|
Withholdings |
67,535,450 |
53,055,590 |
41,816,221 |
|
Accrued Expenses |
1,434,597,579 |
1,242,171,904 |
1,454,372,619 |
|
Unearned Income |
|
|
129,483,871 |
|
VAT Withhold |
85,279,637 |
351,149,337 |
350,153,436 |
|
Fixed
Liabilities |
12,630,458,758 |
10,514,348,424 |
10,049,937,850 |
|
Long-Term Borrowings |
1,554,100,000 |
1,867,600,000 |
1,362,900,000 |
|
Guarantee Deposit Withhold |
1,017,730,000 |
1,181,100,000 |
1,462,170,000 |
|
Non-Current Portion of Deferred Income Tax Credit |
9,480,986,175 |
6,911,891,786 |
6,922,854,400 |
|
Provision for Severance & Retirement |
3,628,832,975 |
3,121,609,924 |
2,485,149,256 |
|
Income Statement |
|||
|
Unit : Korean
Won |
As of 12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
66,753,696,821 |
73,273,377,518 |
70,312,148,864 |
|
Cost of Sold
Goods |
59,897,987,405 |
63,804,546,431 |
61,695,595,764 |
|
Gross Profit |
6,855,709,416 |
9,468,831,087 |
8,616,553,100 |
|
Selling &
Admin. Expenses |
8,471,716,487 |
6,672,075,711 |
6,204,655,970 |
|
Operating
Income |
-1,616,007,071 |
2,796,755,376 |
2,411,897,130 |
|
Non-Operating
Income |
851,646,430 |
1,339,170,456 |
1,204,329,150 |
|
Non-Operating
Expenses |
2,756,437,451 |
3,119,107,432 |
3,729,737,041 |
|
Income Before
Taxes |
-3,520,798,092 |
1,016,818,400 |
-113,510,761 |
|
Income Taxes
Expenses |
-890,846,096 |
50,939,911 |
-150,499,330 |
|
Net Income |
-2,629,951,996 |
965,878,489 |
36,988,569 |
|
Cash Flows |
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of 12/31/2012 |
As of
12/31/2011 |
|
Cash Flows
from Operating |
-2,978,739,955 |
7,543,107,090 |
-554,641,148 |
|
-Net Income |
-2,629,951,996 |
965,878,489 |
36,988,569 |
|
-Exp. without
Cash Outflow |
3,318,975,387 |
2,566,780,744 |
2,669,547,495 |
|
-Revenue
without Cash Inflows |
-315,182,076 |
-381,218,411 |
-109,079,986 |
|
-Changes in
Asset/ & Liability |
-3,352,581,270 |
4,391,666,268 |
-3,152,097,226 |
|
Cash Flows
from Investing |
-2,996,692,056 |
-1,083,661,332 |
8,902,482 |
|
-Cash Inflow
from Investing |
1,786,393,158 |
1,382,412,880 |
2,377,873,402 |
|
-Cash Outflows
for Investing |
-4,783,085,214 |
-2,466,074,212 |
-2,368,970,920 |
|
Cash Flows
from Financing |
6,106,856,945 |
-8,045,931,103 |
1,397,523,630 |
|
-Cash Inflows
from Financing |
53,894,503,270 |
2,109,150,000 |
2,364,123,630 |
|
-Cash Outflows
from Financing |
-47,787,646,325 |
-10,155,081,103 |
-966,600,000 |
|
Increase/Decrease
in Cash |
131,424,934 |
-1,586,485,345 |
851,784,964 |
|
Cash at the
Beginning of Year |
3,671,954,230 |
5,258,439,575 |
4,406,654,611 |
|
Cash at the
End of Year |
3,803,379,164 |
3,671,954,230 |
5,258,439,575 |
Products,
Technologies, Services Description
|
Main Products
& Services |
Medium Density Fiberboard |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
Trade Partners &
Competitors
|
Suppliers |
|
|
Customers |
|
|
Competitors |
SHINHWA
INTERNATIONAL INC. A-511,
JEONGGWANG SEA PALACE, 7-308, SINHEUNGDONG 3-GA, JUNG-GU, INCHEON, KOREA TEL:+82-32-256-7600 FAX:+82-32-256-7603 PEOPLE &
FLOORING CO., LTD. 2ND FL., SUNHO
BLDG., 283, SANGIL-DONG, GANGDONG-GU, SEOUL, KOREA TEL:+82-2-3391-0444 FAX:+82-2-3391-0231 STAR WOOD CO.,
LTD. 202-801, WE`VE
THE STATE, 1107, JUNG 2-DONG, WONMI-GU, BUCHEON-SI, GYEONGGI-DO, KOREA TEL:+82-32-620-5871 FAX:+82-32-620-5870 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
SEOIN TONGSANG CO., LTD.(120111-0319188) H&J
CO.(KOREA) |
|
Overseas
Office |
|
|
Liaison Office |
|
|
Overseas
Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate
Ownership |
|
|
Major
Shareholders |
|
|
Cooperative
Enterprise |
-Insured
Company DONGBU INSURANCE CO., LTD.(110111-0095285) |
Sales by Region
(Activity & Markets)
Not Available.
Court Action
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
|
|
1 |
Rs.101.41 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIS |
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.