|
Report Date : |
28.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
LIVART FURNITURE CO., LTD. |
|
|
|
|
Registered Office : |
316, Gyeonggidong-ro, Namsa-myeon, Cheoin-gu, Yongin-si, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.09.2013 |
|
|
|
|
Date of Incorporation : |
02.06.1999 |
|
|
|
|
Com. Reg. No.: |
135-81-32239 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Wood Furniture for Kitchen and Restaurant |
|
|
|
|
No. of Employees : |
492 |
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 30, 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 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 |
LIVART FURNITURE CO., LTD. (Korean Company Name : “(주)리바트”) |
|
Registered
Address |
316, Gyeonggidong-ro, Namsa-myeon, Cheoin-gu, Yongin-si, Gyeonggi-do, Korea (Old Address System : 54-10, Buk-ri, Namsa-myeon,
Cheoin-gu, Yongin-si, Gyeonggi-do, Korea) |
|
Building |
|
|
Zip Code |
449-884 |
|
Tel |
+82-31-331-9114 |
|
Fax |
+82-31-332-7656
+82-31-339-2141 |
|
E-mail |
swlee@livart.co.kr;zzanglivart@hanmail.net |
|
Website |
www.livart.co.kr |
|
Trading Address |
Livart Bldg., 49-4, Nonhyeon-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-3480-8000 |
|
Fax |
+82-2-3480-8020 |
|
Other Address-Gyeongju Factory |
747, Munsan-ri, Oedong-eup, Gyeongju-si, Gyeongsangbuk-do, Korea |
|
Tel |
+82-54-776-0273 |
|
Fax |
+82-54-775-2436 |
|
Other Address-Mokpo Factory |
610-3, Nabul-ri,
Samho-eup, Yeongam-gun, Jeollanam-do, Korea |
|
Tel |
|
|
Fax |
|
|
Other Address-Anseong Factory |
447-1, Yongdu-ri, Gongdo-eup, Anseong-si, Gyeonggi-do, Korea |
|
Tel |
|
|
Fax |
|
|
Other Address-Busan Branch |
225-1, Hakjang-dong, Sasang-gu, Busan, Korea |
|
Tel |
+82-51-313-8022 |
|
Fax |
|
|
Other Address-Daegu Branch |
7th Fl., Hyundai Fire & Marine Insurance Bldg., 1043, Duryu 2-dong, Dalseo-gu, Daegu, Korea |
|
Tel |
+82-53-654-6991 |
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Other Wood Furniture |
|
Main Business |
Table, Sofa, Fixture Wardrobe, Chair, Kitchen Furniture |
|
Sub Business |
Manufacture of Wood Furniture for Kitchen and Restaurant |
|
Established
(mm/dd/yyyy) |
06/02/1999 |
The Subject owns
the premises of registered HQ address/Factory and Seoul Office.
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Office furniture(56101700) |
|
Sell |
Furniture(56101500) |
|
Sell |
Interior design or decorating(72101901) |
|
Buy |
PB(Particle Board) |
|
Buy |
MDF(Medium Density Fiber) |
CEO’s
|
Name |
Kyoung Kyoo-Han |
|
Address |
|
|
Date of Birth |
04/16/1948 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
17,261,650,000 |
|||||||||||||||||||||||||||
|
Employees |
492 |
|||||||||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange : 079430) as of 11/22/2005 A Company of HYUNDAI DEPARTMENT STORE GROUP |
|||||||||||||||||||||||||||
|
Bank Details |
Kookmin
Bank-Apgujeong Branch Woori Bank |
|||||||||||||||||||||||||||
|
Corporate
Registered No. |
134511-0034097 |
|||||||||||||||||||||||||||
|
Business
Registered No. |
135-81-32239 |
|||||||||||||||||||||||||||
|
Permit &
Licenses |
11/1979 KS Mark 02/199 ISO 9001 01/05/2001 KS Mark 10/2003 CE Mark 02/11/2004 CE Mark 07/05/2004 GD Mark 10/12/2005 ISO 14001 Int’l Trade No.: 11660242 |
|||||||||||||||||||||||||||
|
Shareholder
Position |
|
|||||||||||||||||||||||||||
|
Company
History |
06/02/1999 Incorporated
as the present name 08/1999
Acquired Furniture Business Division from DOOSAN CONSTRUCTION &
ENGINEERING CO., LTD.(110111-0194277) 08/2000
Completed Kyungju Factory 12/2001
Acquired Yongin Factory 07/2005
Acquired Anseong Factory |
|||||||||||||||||||||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Nationality |
Date of Birth |
Education/Career |
|
President & CEO |
Mr. |
Kyoung
Kyoo-Han |
Korean |
1948.04.16 |
Seoul National University |
|
Sr. Executive Director |
Mr. |
Jung Bo-Young |
Korean |
1955.03.14 |
Sungkyunkwan University |
|
Executive
Director |
Mr. |
Lee Dong-Ho |
Korean |
1956.04 |
Chosung
University, Korea |
|
Executive
Director |
Mr. |
Kim Hwa-Eung |
Korean |
1959.09 |
Soongsil
University, Korea |
|
Executive
Director |
Mr. |
Kang Hee-Seok |
Korean |
1961.08 |
Daegu
Commercial High, Korea |
|
Outside Director |
Mr. |
Kim Chul-Soo |
Korean |
1947.03.08 |
Prof., of Kookmin University |
|
Outside Director |
Mr. |
Park Jung-In |
Korean |
1943.12.09 |
Present CEO of
HMC Investment Securities Co., Ltd. |
|
Auditor |
Mr. |
Na Soo-Young |
Korean |
1958.02.09 |
Seoul
Metropolitan University, Korea |
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
376,781,493,946 |
311,997,260,199 |
5,452,162,986 |
|
|
(*)2012 |
485,168,241,106 |
319,275,745,114 |
4,095,457,267 |
|
(*)2011 |
493,195,013,235 |
336,936,494,837 |
6,524,611,509 |
|
2010 |
389,335,580,551 |
268,362,401,362 |
18,331,218,413 |
|
2009 |
378,239,437,119 |
246,112,290,421 |
20,190,038,508 |
|
2008 |
351,179,576,237 |
216,596,412,446 |
18,097,581,297 |
|
2007 |
335,890,680,384 |
209,550,783,215 |
15,845,807,367 |
|
2006 |
296,948,316,896 |
189,279,990,424 |
13,050,557,857 |
|
2005 |
288,557,327,144 |
204,205,445,037 |
12,351,116,626 |
|
2004 |
274,494,184,938 |
160,285,537,163 |
7,258,962,715 |
|
2003 |
269,163,487,872 |
145,644,400,284 |
12,400,500,208 |
(*)Figures are based on the K-IFRS
Accounting System.
Financial Description
|
Authorized
Capital(KRW) |
50,000,000,000 |
|
Paid-Up
Capital(KRW) |
17,261,650,000 |
|
Total Issues
Shares |
17,261,650 |
|
Balance Sheet |
|||
|
Unit : Korean
Won |
01/01/2013~09/30/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
311,997,260,199 |
319,275,745,114 |
336,936,494,837 |
|
Current Assets |
161,439,548,789 |
155,309,059,564 |
171,071,273,678 |
|
Cash & Cash Equivalents |
31,316,640,906 |
27,366,299,783 |
25,234,051,746 |
|
Trade Receivables & Other Receivables |
64,494,808,644 |
68,666,489,317 |
76,863,690,742 |
|
Current Financial Instruments |
4,503,257,000 |
1,043,000,000 |
300,000,000 |
|
Inventories |
60,593,822,054 |
57,475,051,636 |
66,726,945,392 |
|
Other Current Assets |
531,020,185 |
758,218,828 |
543,454,233 |
|
Deferred Income Tax Assets |
0 |
0 |
1,403,131,565 |
|
Non-Current Assets |
150,557,711,410 |
163,966,685,550 |
165,865,221,159 |
|
Non-Current Financial Instruments |
10,121,873,866 |
17,016,186,893 |
20,286,498,808 |
|
Marketable Financial Instruments |
816,719,600 |
916,165,920 |
898,091,920 |
|
Investment_Subsidiaries |
4,737,983,798 |
4,737,983,798 |
2,091,536,798 |
|
Investment_Real Estates |
4,325,730,772 |
7,650,024,265 |
6,732,018,378 |
|
Tangibles |
127,405,978,019 |
129,680,634,324 |
131,556,422,020 |
|
Intangibles |
2,788,569,831 |
3,204,978,951 |
3,155,430,951 |
|
Other Non-Current Assets |
360,855,524 |
760,711,399 |
1,145,222,284 |
|
Total
Liabilities |
115,903,774,306 |
127,642,879,901 |
146,692,701,276 |
|
Current Liabilities |
85,832,666,904 |
98,703,400,499 |
115,939,185,112 |
|
Trade Payables & Other Payables |
62,308,728,092 |
64,251,242,719 |
78,097,034,127 |
|
Other Current Financial Debts |
2,841,980,298 |
18,849,212,081 |
25,059,564,937 |
|
Other Current Liabilities |
18,498,518,181 |
14,557,870,933 |
12,782,586,048 |
|
Deferred Income Tax Credit |
2,183,440,333 |
1,045,074,766 |
0 |
|
Non-Current Liabilities |
30,071,107,402 |
28,939,479,402 |
30,753,516,164 |
|
Other Non-Current Financial Debts |
11,806,164,344 |
12,616,530,078 |
13,833,392,535 |
|
Provisions |
1,781,755,577 |
2,116,434,025 |
2,340,049,377 |
|
Other Deferred Income |
52,775,768 |
3,488,916 |
103,047,452 |
|
Confirmed Salaries |
3,893,063,693 |
2,461,195,312 |
2,135,189,442 |
|
Deferred Income Tax Credit |
12,402,824,718 |
11,596,260,680 |
12,280,533,641 |
|
Other Non-Current Liabilities |
134,523,302 |
145,570,391 |
61,303,717 |
|
Capital Stock |
17,261,650,000 |
17,261,650,000 |
17,261,650,000 |
|
Capital Surplus |
4,742,144,764 |
4,742,144,764 |
4,742,144,764 |
|
Capital Adjustment |
-3,428,118,992 |
-3,428,118,992 |
-3,428,118,992 |
|
Others |
-78,092,381 |
-105,762,935 |
-2,073,886 |
|
Profit Surplus |
177,595,902,502 |
173,162,952,376 |
171,670,191,675 |
|
Total Equity |
196,093,485,893 |
191,632,865,213 |
190,243,793,561 |
|
Liab. & Shareholder’s Equity |
311,997,260,199 |
319,275,745,114 |
336,936,494,837 |
|
Income Statement |
|||
|
Unit : Korean
Won |
01/01/2013~09/30/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
376,781,493,946 |
485,168,241,106 |
493,195,013,235 |
|
Cost of Sold Goods |
304,700,064,619 |
397,222,823,792 |
404,176,265,918 |
|
Gross Profit |
72,081,429,327 |
87,945,417,314 |
89,018,747,317 |
|
Selling & Admin. Expenses |
62,932,736,469 |
85,083,439,763 |
80,932,089,880 |
|
Operating Income |
9,148,692,858 |
2,861,977,551 |
8,086,657,437 |
|
Other Income |
2,903,488,790 |
3,654,120,170 |
2,240,566,120 |
|
Other Expenses |
1,669,457,601 |
1,864,452,288 |
1,993,497,940 |
|
Finance Income |
1,357,048,006 |
2,171,364,233 |
2,379,764,270 |
|
Finance Expenses |
1,208,522,386 |
1,781,673,819 |
2,353,322,790 |
|
Profits from Investment on Related Companies |
0 |
200,000,000 |
0 |
|
Income Before Taxes |
10,531,249,667 |
5,241,335,847 |
8,360,167,097 |
|
Income Taxes Expenses |
5,079,086,681 |
1,145,878,580 |
1,835,555,588 |
|
Net Income |
5,452,162,986 |
4,095,457,267 |
6,524,611,509 |
|
Cash Flows |
|||
|
Unit : Korean
Won |
01/01/2013~09/30/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Operating Activities Cash Flows |
17,460,636,409 |
16,038,707,624 |
8,247,471,137 |
|
Net Income |
5,452,162,986 |
4,095,457,267 |
6,524,611,509 |
|
Adjustment |
11,341,027,372 |
8,565,601,171 |
10,010,359,083 |
|
Changes in Asset/ & Liability |
5,514,814,438 |
2,395,526,040 |
-2,947,208,208 |
|
Interests Received |
1,227,640,754 |
1,383,161,913 |
1,295,889,664 |
|
Interests Paid |
-2,576,405,583 |
-1,507,442,654 |
-1,524,236,617 |
|
Dividends Received |
|
200,000,000 |
0 |
|
Income Taxes |
-3,498,603,558 |
906,403,887 |
-5,111,944,294 |
|
Cash Flows from Investing |
4,568,701,343 |
-4,511,287,082 |
-10,923,454,802 |
|
Cash Flows from Financing |
-18,078,996,629 |
-9,395,108,600 |
-2,229,555,204 |
|
Increase/Decrease in Cash |
3,950,341,123 |
2,132,311,942 |
-4,905,538,869 |
|
Cash at the Beginning of Year |
27,366,299,783 |
25,234,051,746 |
30,139,590,615 |
|
Cash at the End of Year |
31,316,640,906 |
27,366,299,783 |
25,234,051,746 |
Products,
Technologies, Services Description
|
Main Products
& Services |
Home Furniture Kitchen Furniture Office Furniture Marine Furniture Interior Design Brand Name : Livart, Richen, Neoce |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
Trade Partners &
Competitors
|
Suppliers |
LG CHEM
LTD.(110111-2207995) SUN YOUNG
CHEMICAL CO., LTD.(110111-0400773) DUCKSUNG
HITECH.CO., LTD(110111-0404238) HANSOL HOMEDECO CO., LTD.(110111-0825624) |
|
Customers |
HYUNDAI
GROUP’s affiliated companies HYUNDAI &
KIA MOTOR GROUP’s affiliated companies |
|
Competitors |
HANSSEM
CO.,LTD.(134111-0003595) 665,
SEONGGOK-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-496-1101 FAX:+82-31-498-8078 BORNEO
INTERNATIONAL FURNITURE CO., LTD.(120111-0004599) 246-1,
GOJAN-DONG, NAMDONG-GU, INCHEON, KOREA TEL:+82-32-420-8500 FAX:+82-32-420-8591 FURSYS
INC(110111-0345630) FURSYS BLDG.,
45-3, OGEUM-DONG, SONGPA-GU, SEOUL, KOREA TEL:+82-2-443-0066 FAX:+82-2-443-3812 KOAS WELL CO.,
LTD.(110111-0881642) 340-2,
DANGSANDONG 6-GA, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-2163-6000 FAX:+82-2-2163-6161 ENEX
CO.,LTD(110111-0192635) 1308-25,
SEOCHO 4-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-2185-2000 FAX:+82-2-2185-2293 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
HYUNDAI DEPARTMENT
STORE CO., LTD.(110111-2644725) HAN MOO
SHOPPING CO., LTD.(110111-0525795) HYUNDAI
SHOPPING CO., LTD.(110111-1573496) HYUNDAI DSF
CO., LTD.(181211-0002811) HYUNDAI HOME
SHOPPING NETWORK CORPORATION (110111-2248882) HYUNDAI HCN
CO., LTD.(110111-0842785) BUHYUN
DEVELOPMENT CO., LTD.(110111-3746124) HYUNDAI
H&S CO., LTD.(110111-4071108) HYUNDAI GREEN
FOOD CO., LTD.(110111-0095201) HYUNDAI
A&I CO., LTD.(110111-3927328) HYUNDAI
F&G CO., LTD.(110111-0672661) HYUNDAI MEDIA
CO., LTD.(110111-3213206) HCN DONGFAK
SYSEMS CO., LTD.(110111-0594097) HCN SEOCHO
YSEMS CO., LTD.(110111-1014507) HCN BUSAN
SYSTEMS CO., LTD.(180111-0110493) HCN KUMHO
SYSTEMS CO., LTD.(170111-0073502) HCN KYONGBUK
SYSTEM CO., LTD.(174611-0017019) HCN CHUNGBUK CABLE
SYSTEMS CO., LTD.(150111-0017819) HCN SAERONET
SYSTEMS CO., LTD.(176011-0014969) GUMI CABLETV
CO.,LTD.(176011-0006947) GUMI INTERNET
CO., LTD.(176011-0019742) SAERONET
MEDICOM CO., LTD.(176011-0037786) HYUNDAI
A&D CO., LTD.(141111-0028015) HYUNDAI DREAM
TOUR CO., LTD.(110111-3434307) HYUNDAI MEDIA
CENTER CO., LTD.(110111-4274520) SOFFICE CO., LTD.(134511-0090354) (100.0% held
by the subject company) |
|
Overseas
Office |
CHINA 1525 HUE SHANG
CENTER, JIAO HUE XING CHENG, CHINA |
|
Liaison Office |
|
|
Overseas
Branch |
|
|
Joint Venture |
|
|
Subsidiary |
LIVART SERVICE
CO., LTD.(134511-0098019) (100.0% held
by the subject company) ID'EST(110111-4105395) (46.3% held by the subject company) LIVART VINA
CO., LTD-FACTORY (100.0% held by
the subject company) PLOT 203,
AMATA ROAD INDUSTRILA ZONE DONG NAI PROVINCE LIVART CANADA CO., LTD. |
|
Corporate
Ownership |
|
|
Major
Shareholders |
|
|
Cooperative
Enterprise |
-Insured
Company HYUNDAI MARINE
& FIRE INSURANCE CO., LTD.(110111-0035893) MERITZ FIRE
& MARINE INSURANCE CO., LTD(110111-0013328) |
Sales by Region
(Activity & Markets)
The Subject
exports to China, Italy, Japan, Kenya, Oman, Pakistan, UAE, El Salvador and
USA.
Court Action
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
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.