|
Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
TAESAN CORPORATION |
|
|
|
|
Registered Office : |
23, Seocho-daero 74-gil, Seocho-gu, Seoul, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
29.06.1998 |
|
|
|
|
Com. Reg. No.: |
119-81-28164 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Wholesale of Basic Metals |
|
|
|
|
No. of Employees : |
15 |
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 : |
Slow |
|
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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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. South 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. South 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-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,
dominance of large conglomerates (chaebols), and heavy reliance on exports,
which comprise about half of GDP.
|
Source
: CIA |
Basic
|
Company Name |
TAESAN CORPORATION |
|
Registered Address |
23, Seocho-daero 74-gil, Seocho-gu, Seoul, Korea |
|
Building |
Rm. 505, Seocho Town Trapalace |
|
Zip Code |
137-858 |
|
Tel |
+82-2-3486-4950 |
|
Fax |
+82-2-3486-4951 |
|
E-mail |
kihoon@taesancorp.co.kr;hyr7047@taesancorp.co.kr |
|
Website |
www.taesancorp.co.kr |
|
Trading Address |
Rm. 505, Seocho Town Trapalace, 23, Seocho-daero 74-gil, Seocho-gu,
Seoul, Korea (Old Address System : Rm. 505, Seocho Town Trapalace, 1327, Seocho
2-dong, Seocho-gu, Seoul, Korea) |
|
Tel |
+82-2-3486-4950 |
|
Fax |
+82-2-3486-4951 |
|
Other Address-Sihwa Factory |
2Ba-905, Sihwa Industrial Complex, 2203-5, Jeongwang 2-dong,
Siheung-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-498-5170 |
|
Fax |
+82-31-498-8169 |
|
Other Address-Branch |
Rm.526, 2002, megapolis, 102, Shihwajigu 1-ga,
Jeongwang-dong, Siheung-si, Gyeonggi-do, Korea |
|
Type |
Export/Import |
|
Industry |
Wholesale of Basic Metals |
|
Main Business |
Hot Dip 55% Al-Zn Alloy Coated Steel Sheets In Coil, Galvanized Iron,
Cold Rolled Steel Coil, H-Beam |
|
Established (mm/dd/yyyy) |
06/29/1998 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Steel plate(30102204) |
|
Sell |
Steel beams(30101704) |
|
Sell |
Steel coil(30101904) |
CEO’s
|
Name |
Cho Ji-Young |
|
Address |
Suite 1604, 467-7, Dogok-dong, Gangnam-gu,
Seoul, Korea |
|
Date of Birth |
10/23/1958 |
|
Title |
Representative Director |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
670,000,000 |
|||||||||
|
Employees |
15 |
|||||||||
|
Formation |
Co., Ltd by Shares |
|||||||||
|
Bank Details |
Hana Bank-Mullae Branch Kookmin Bank |
|||||||||
|
Corporate Registered No. |
110111-1560609 |
|||||||||
|
Business Registered No. |
119-81-28164 |
|||||||||
|
Permit & Licenses |
Int’l Trade No.: 11449931 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
11/17/2003 Increased the authorized shares
to 1,000,000 shares from 20,000 shares 12/21/2009 Moved to the present HQ address from
82-29, Mullae-dong 3-ga, Yeongdeungpo-gu, Seoul, Korea 12/25/2012 Increased capital to 670,000,000
KRW from 580,000,000 KRW |
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Representative Director |
Mr. |
Cho Ji-Young |
Male |
Korean |
03/30/2010 |
|
Auditor |
M/S. |
Jung Yeon-Sun |
Female |
Korean |
06/29/1998 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2012 |
54,584,241,494 |
8,597,161,836 |
-364,915,184 |
|
2011 |
69,422,754,094 |
12,681,658,317 |
248,764,452 |
|
2010 |
49,015,097,966 |
10,669,142,130 |
-38,907,707 |
|
2009 |
47,377,000,000 |
8,113,000,000 |
113,000,000 |
|
2008 |
67,799,000,000 |
6,736,000,000 |
307,000,000 |
The latest financials are not available, and
the Subject Company does not have any obligations to release its financials to
the public.
Financial
Description
|
Authorized Capital(KRW) |
10,000,000,000 |
|
Paid-Up Capital(KRW) |
670,000,000 |
|
Total Issued Shares |
67,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
8,597,161,836 |
12,681,658,317 |
10,669,142,130 |
|
Current Assets |
4,892,420,246 |
8,934,684,014 |
6,785,450,121 |
|
-Quick Assets |
2,621,350,309 |
6,994,069,985 |
5,100,524,348 |
|
-Inventories |
2,271,069,937 |
1,940,614,029 |
1,684,925,773 |
|
Fixed Assets |
3,704,741,590 |
3,746,974,303 |
3,883,692,009 |
|
-Investment |
145,964,870 |
146,731,000 |
342,432,330 |
|
-Tangibles |
3,483,876,727 |
3,487,870,831 |
3,405,733,676 |
|
-Intangibles |
74,899,993 |
112,372,472 |
135,526,003 |
|
Total Liabilities |
6,838,239,349 |
10,925,180,646 |
9,161,428,911 |
|
Current Liabilities |
5,013,239,349 |
9,125,180,646 |
7,211,488,911 |
|
Fixed Liabilities |
1,825,000,000 |
1,800,000,000 |
1,949,940,000 |
|
Capital Stock |
670,000,000 |
300,000,000 |
300,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
1,091,562,487 |
1,456,477,671 |
1,207,713,219 |
|
Capital Adjustment |
-2,640,000 |
- |
|
|
Total Equity |
1,758,922,487 |
1,756,477,671 |
1,507,713,219 |
|
Liab. & Shareholder’s Equity |
8,597,161,836 |
12,681,658,317 |
10,669,142,130 |
|
Current Liabilities |
5,013,239,349 |
9,125,180,646 |
7,211,488,911 |
|
Trade Payables |
1,121,389,482 |
3,701,584,985 |
2,005,423,399 |
|
Account Payables |
248,709,093 |
1,462,570,987 |
892,137,466 |
|
Withholdings |
9,059,075 |
10,965,275 |
9,522,410 |
|
Advance Receipts |
20,869,965 |
100,207,552 |
219,868,583 |
|
Short-Term Borrowings |
3,589,978,262 |
3,732,068,436 |
4,068,352,522 |
|
Deferred Income Tax Credit |
- |
39,164,989 |
1,867,849 |
|
Accrued Expenses |
23,233,472 |
28,638,422 |
14,316,682 |
|
Current Portion of Long-Term Debts |
- |
49,980,000 |
- |
|
Fixed Liabilities |
1,825,000,000 |
1,800,000,000 |
1,949,940,000 |
|
Long-Term Borrowings |
1,750,000,000 |
1,750,000,000 |
1,899,940,000 |
|
Leasehold Deposit Received |
75,000,000 |
50,000,000 |
50,000,000 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
54,584,241,494 |
69,422,754,094 |
49,015,097,966 |
|
Cost of Sold Goods |
49,194,079,278 |
62,964,331,392 |
43,996,274,258 |
|
Gross Profit |
5,390,162,216 |
6,458,422,702 |
5,018,823,708 |
|
Selling & Admin. Expenses |
5,216,777,417 |
5,700,070,087 |
4,735,114,252 |
|
Operating Income |
173,384,799 |
758,352,615 |
283,709,456 |
|
Non-Operating Income |
771,671,566 |
1,184,401,851 |
926,095,274 |
|
Non-Operating Expenses |
1,349,147,634 |
1,650,896,321 |
1,241,311,906 |
|
Income Before Taxes |
-404,091,269 |
291,858,145 |
-31,507,176 |
|
Income Taxes Expenses |
-39,176,085 |
43,093,693 |
7,400,531 |
|
Net Income |
-364,915,184 |
248,764,452 |
-38,907,707 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from Operating |
-1,240,194,805 |
1,131,922,533 |
-569,526,672 |
|
-Net Income |
-364,915,184 |
248,764,451 |
-38,907,707 |
|
-Exp. without Cash Outflow |
169,024,828 |
238,883,520 |
75,846,396 |
|
-Revenue without Cash Inflows |
-53,613,148 |
- |
-2,271,727 |
|
-Changes in Asset/ & Liability |
-990,691,301 |
644,274,562 |
-604,193,634 |
|
Cash Flows from Investing |
-11,798,197 |
-234,283,108 |
-840,198,317 |
|
-Cash Inflow from Investing |
497,792,267 |
716,566,403 |
681,694,430 |
|
-Cash Outflows for Investing |
-509,590,464 |
-950,849,511 |
-1,521,892,747 |
|
Cash Flows from Financing |
230,429,641 |
-500,039,070 |
1,537,174,447 |
|
-Cash Inflows from Financing |
5,597,085,489 |
5,696,011,304 |
10,495,542,243 |
|
-Cash Outflows from Financing |
-5,366,655,848 |
-6,196,050,374 |
-8,958,367,796 |
|
Increase/Decrease in Cash |
-1,021,563,361 |
397,600,355 |
127,449,458 |
|
Cash at the Beginning of Year |
1,230,402,670 |
832,802,315 |
705,352,857 |
|
Cash at the End of Year |
208,839,309 |
1,230,402,670 |
832,802,315 |
Products,
Technologies, Services Description
|
Main Products & Services |
Hot Dip 55% Al-Zn Alloy Coated Steel Sheets In Coil, Galvanized Iron,
Cold Rolled Steel Coil, H-Beam |
Trade Partners
& Competitors
|
Competitors |
BUSAN STEEL CO., LTD. 720-4, HAKJANG-DONG, SASANG-GU, BUSAN,
KOREA TEL:+82-51-325-1131~4 FAX:+82-51-324-6440 DEOGWON STEEL CO., LTD. 507-5, BANJEONG-DONG, HWASEONG-SI,
GYEONGGI-DO, KOREA TEL:+82-31-223-7708 FAX:+82-31-223-0977 WELLSTEEL CO., LTD. 1752-1, SONGJEONG-DONG, GANGSEO-GU, BUSAN,
KOREA TEL:+82-51-831-7330 FAX:+82-51-831-7329 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Overseas Office |
Shanghai(China) Office |
|
Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
Sales by Region
(Activity & Markets)
The Subject deals with the companies in
Dominic Republic, Indonesia and China.
Not Available.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.00 |
|
|
1 |
Rs.101.75 |
|
Euro |
1 |
Rs.83.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NNA |
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.