|
Report Date : |
06.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
GEOSUNG
TEXTILE CO., LTD. |
|
|
|
|
Registered Office : |
31-15, Bonggi 1-gil, Punggak-myeon,
Cheongdo-gun, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
24.09.1994 |
|
|
|
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Com. Reg. No.: |
502-81-26714 |
|
|
|
|
Legal Form : |
Company Limited By Shares |
|
|
|
|
Line of Business : |
Subject is engaged in Weaving of Man-Made Fiber Fabrics. |
|
|
|
|
No of Employees : |
38 |
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 : |
Slow but correct |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. 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 |
|
Company
Name |
GEOSUNG
TEXTILE CO., LTD. (Korean Company Name : “(주)거성산업자재”) |
|
Registered Address |
31-15, Bonggi 1-gil, Punggak-myeon,
Cheongdo-gun, Gyeongsangbuk-do, Korea |
|
Building |
|
|
Zip Code |
714-833 |
|
Tel |
+82-54-371-5727 |
|
Fax |
+82-54-371-5729 |
|
E-mail |
tndus-love@hanmail.net |
|
Website |
www.geosung.co.kr |
|
Trading Address |
31-15, Bonggi 1-gil, Punggak-myeon,
Cheongdo-gun, Gyeongsangbuk-do, Korea (Old Address System : 1120, Bonggi-ri,
Punggak-myeon, Cheongdo-gun, Gyeongsangbuk-do, Korea) |
|
Tel |
+82-54-371-5727 |
|
Fax |
+82-54-371-5729 |
|
Other Address |
|
|
Tel |
|
|
Fax |
|
|
Type |
Export |
|
Industry |
Weaving of Man-Made Fiber Fabrics |
|
Main Business |
Nylon Oxford Fabrics, High Tensil Yarn for Hose, Wool Pack, Letom,
Polyester Dope Dyed Yarn |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
09/24/1994 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Awnings(30151901) |
|
Sell |
Packaging pouches or bags(24121502) |
|
Sell |
Nylon fibers(11151502) |
|
Sell |
Threads(11151600) |
|
Buy |
Rayon fibers(11151506) |
|
Buy |
Paper tubes or cores(24141701) |
|
Buy |
Polypropylene PP(13102022) |
|
Buy |
Synthetic fabrics(11161800) |
|
Buy |
Spandex thread(11151611) |
|
Buy |
Dyes(12171500) |
|
Buy |
Spinning machines(23121509) |
|
Buy |
Sun protection products(53131609) |
|
Name |
Moon Goo-Eui |
|
Address |
Suite 209-2502, 591, Jungang-daero, Buk-gu,
Daegu, Korea |
|
Date of Birth |
07/01/1942 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,700,000,000 |
||||||||||||||||||
|
Employees |
38 |
||||||||||||||||||
|
Formation |
Co., Ltd by Shares |
||||||||||||||||||
|
Bank Details |
Industrial Bank of Korea Nonghyup Bank |
||||||||||||||||||
|
Corporate Registered No. |
170111-0079360 |
||||||||||||||||||
|
Business Registered No. |
502-81-26714 |
||||||||||||||||||
|
Permit & Licenses |
12/1999 ISO 14001 01/1998 ISO 9002 Int’ l Trade No.: 13015891 |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
03/01/1985 Established as GEOSUNG
TEXTILE CO. 09/24/1994 Incorporated as the
present name |
||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Moon Goo-Eui |
Male |
Korean |
04/17/1998 |
|
Director |
M/S. |
Kang Mal-Boon |
Female |
Korean |
04/17/1998 |
|
Director |
Mr. |
Moon Jung-Eon |
Male |
Korean |
04/17/2001 |
|
Auditor |
M/S. |
Kim Joo-Young |
Female |
Korean |
05/12/2011 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2013 |
11,044,655,809 |
11,652,450,398 |
239,272,081 |
|
2012 |
9,463,058,397 |
11,850,044,538 |
20,078,724 |
|
2011 |
19,291,607,148 |
11,988,180,420 |
803,293,086 |
|
2010 |
14,120,276,708 |
10,972,581,982 |
-492,885,940 |
|
2009 |
14,664,081,748 |
11,253,093,520 |
67,276,233 |
|
Authorized Capital(KRW) |
6,000,000,000 |
|
Paid-Up Capital(KRW) |
1,700,000,000 |
|
Total Issued Shares |
170,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
11,652,450,398 |
11,850,044,538 |
11,988,180,420 |
|
Current Assets |
6,663,735,794 |
5,697,529,243 |
5,880,388,257 |
|
-Quick Assets |
3,911,265,049 |
3,335,829,131 |
3,336,821,013 |
|
-Inventories |
2,752,470,745 |
2,361,700,112 |
2,543,567,244 |
|
Fixed Assets |
4,988,714,604 |
6,152,515,295 |
6,107,792,163 |
|
-Investment |
128,840,000 |
93,000,000 |
- |
|
-Tangibles |
4,800,549,567 |
6,016,801,109 |
6,015,477,977 |
|
-Intangibles |
7,626,747 |
3,451,259 |
3,451,259 |
|
-Others |
51,698,290 |
39,262,927 |
88,862,927 |
|
Total Liabilities |
7,649,519,859 |
7,190,815,208 |
7,349,029,814 |
|
Current Liabilities |
4,665,906,172 |
5,631,523,207 |
5,509,049,058 |
|
Fixed Liabilities |
2,983,613,687 |
1,559,292,001 |
1,839,980,756 |
|
Capital Stock |
1,700,000,000 |
1,700,000,000 |
1,700,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
-385,080,908 |
-624,352,989 |
-644,431,713 |
|
Capital Adjustment |
2,688,011,447 |
3,583,582,319 |
3,583,582,319 |
|
Total Equity |
4,002,930,539 |
4,659,229,330 |
4,639,150,606 |
|
Liab. & Shareholder’s Equity |
11,652,450,398 |
11,850,044,538 |
11,988,180,420 |
|
Current Liabilities |
4,665,906,172 |
5,631,523,207 |
5,509,049,058 |
|
Trade Payables |
193,498,790 |
264,828,432 |
1,145,445,302 |
|
Account Payables |
333,359,461 |
402,693,974 |
297,051,921 |
|
Withholdings |
20,043,790 |
14,919,455 |
8,445,640 |
|
Advance Receipts |
279,601 |
80,700,060 |
533,287,860 |
|
Short-Term Borrowings |
3,929,210,148 |
3,019,630,688 |
3,261,400,000 |
|
Accrued Expenses |
159,514,382 |
248,750,598 |
231,318,338 |
|
Current Portion of Long-Term Debts |
30,000,000 |
1,600,000,000 |
- |
|
Accrued Income Tax |
|
|
32,099,997 |
|
Fixed Liabilities |
2,983,613,687 |
1,559,292,001 |
1,839,980,756 |
|
Debentures |
2,780,000,000 |
1,500,000,000 |
1,600,000,000 |
|
Long-Term Borrowings |
70,000,000 |
- |
|
|
Provision for Severance & Retirement |
348,016,017 |
436,909,471 |
518,246,343 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
11,044,655,809 |
9,463,058,397 |
19,291,607,148 |
|
Cost of Sold Goods |
10,012,302,903 |
8,936,018,799 |
17,052,252,448 |
|
Gross Profit |
1,032,352,906 |
527,039,598 |
2,239,354,700 |
|
Selling & Admin. Expenses |
1,008,244,060 |
1,238,458,488 |
1,678,234,429 |
|
Operating Income |
24,108,846 |
-711,418,890 |
561,120,271 |
|
Non-Operating Income |
713,034,215 |
1,226,777,399 |
904,753,341 |
|
Non-Operating Expenses |
486,471,700 |
495,279,785 |
630,150,994 |
|
Income Before Taxes |
250,671,361 |
20,078,724 |
835,722,618 |
|
Income Taxes Expenses |
11,399,280 |
- |
32,429,532 |
|
Net Income |
239,272,081 |
20,078,724 |
803,293,086 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from Operating |
-677,929,977 |
-401,345,504 |
836,478,342 |
|
-Net Income |
239,272,081 |
20,078,724 |
803,293,086 |
|
-Exp. without Cash Outflow |
615,967,983 |
468,938,338 |
684,900,069 |
|
-Revenue without Cash Inflows |
-56,087,696 |
- |
-45,507,650 |
|
-Changes in Asset/ & Liability |
-1,477,082,345 |
-890,362,566 |
-606,207,163 |
|
Cash Flows from Investing |
-211,552,123 |
-750,333,872 |
-367,033,751 |
|
-Cash Inflow from Investing |
226,849,772 |
572,974,087 |
824,112,429 |
|
-Cash Outflows for Investing |
-438,401,895 |
-1,323,307,959 |
-1,191,146,180 |
|
Cash Flows from Financing |
694,987,811 |
1,258,230,688 |
-517,435,759 |
|
-Cash Inflows from Financing |
2,294,987,811 |
1,500,000,000 |
7,419,395,225 |
|
-Cash Outflows from Financing |
-1,600,000,000 |
-241,769,312 |
-7,936,830,984 |
|
Increase/Decrease in Cash |
-194,494,289 |
106,551,312 |
-47,991,168 |
|
Cash at the Beginning of Year |
202,363,356 |
95,812,044 |
143,803,212 |
|
Cash at the End of Year |
7,869,067 |
202,363,356 |
95,812,044 |
|
Main Products & Services |
Nylon Oxford Fabrics, High Tensil Yarn for Hose, Wool Pack, Letom,
Polyester Dope Dyed Yarn |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
Competitors |
DO BEST CO., LTD. 105-112, GONGDEOK-DONG, MAPO-GU, SEOUL,
KOREA TEL:+82-2-3271-3800 FAX:+82-2-3271-3899 DREAM SEEKERS INC. RM. 2410, MASTERS TOWER BLDG., 553,
DOHWA-DONG, MAPO-GU, SEOUL, KOREA TEL:+82-2-3275-5111~2 FAX:+82-2-3275-5113 HANWOO CORPORATION 4TH FL., 322-21, HAENGDANG 2-DONG,
SEONGDONG-GU, SEOUL, KOREA TEL:+82-2-2299-9100~8 FAX:+82-2-2299-9109 |
|
Affiliates |
LETOM AMERICA INC |
|
Sales/ Unit : KRW |
2013 |
2012 |
2011 |
|
Export |
|
2,757,191,029 |
2,288,051,552 |
|
Domestic |
|
6,705,867,368 |
17,003,555,596 |
|
Total |
|
9,463,058,397 |
19,291,607,148 |
The Subject exports
to New Zealand.
No.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.