|
Report No. : |
336053 |
|
Report Date : |
10.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
ILSHIN SPINNING CO., LTD. |
|
|
|
|
Registered Office : |
11, Eunhaeng-ro, Yeongdeungpo-gu, Seoul, Ilshin Bldg., Korea 07237 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
03.11.1951 |
|
|
|
|
Com. Reg. No.: |
116-81-40780 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Export and Import of Cotton spun yarn, P/C blended spun yarn, P/C
blended fabric, Combed Cotton Yarns, Melange Yarns, Core Spun Yarns, Blended
Yarns, OE Yarns, Dyed Yarns, Dyed Fabrics, Cotton Fabrics, Knitted Fabrics,
Modal Yarn. |
|
|
|
|
No. of Employees : |
1,100 |
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 : |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 economic 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. A system of close government and business ties,
including directed credit and import restrictions, initially 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 7% 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 over 6% growth in
2010. The US-Korea Free Trade Agreement was ratified by both governments in
2011 and went into effect in March 2012. Between 2012 and 2014, the economy
experienced slow growth due to sluggish domestic consumption and investment.
The administration in 2015 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 the heavy reliance on exports, which comprise about half of
GDP. In an effort to address the long term challenges and sustain economic
growth, the current government has prioritized structural reforms,
deregulation, promotion of entrepreneurship and creative industries, and the
competitiveness of small and medium enterprises.
|
Source
: CIA |
|
Company Name |
ILSHIN SPINNING CO., LTD. |
|
Registered Address |
11, Eunhaeng-ro, Yeongdeungpo-gu, Seoul,
Korea |
|
Building |
Ilshin Bldg. |
|
Zip Code |
07237 |
|
Tel |
+82-2-3774-0114 |
|
Fax |
+82-2-786-5891~4 |
|
E-mail |
grchoi@ilshin.co.kr;cwlee@ilshin.co.kr;donghkim@ilshin.co.kr |
|
Website |
www.ilshin.co.kr |
|
Trading Address |
11, Eunhaeng-ro, Yeongdeungpo-gu, Seoul,
Korea (Old Address System : 15-15, Yeouido-dong,
Yeongdeungpo-gu, Seoul, Korea(C.P.O.BOX 91)) |
|
Tel |
+82-2-3774-0114 |
|
Fax |
+82-2-786-5891~4 |
|
Other Address-Gwangju Factory |
100, Im-dong, Buk-gu, Gwangju, Korea |
|
Tel |
+82-62-510-5111 |
|
Fax |
+82-62-570-5105 |
|
Other Address-Gwangju Factory II |
879-4, Ok-dong, Gwangsan-gu, Gwangju,
Korea |
|
Tel |
+82-62-600-5300 |
|
Fax |
+82-62-600-5305 |
|
Other Address-Cheongwon Factory |
231-1, Seongsan-ri, Ochang-myeon, Cheongwon-gun, Chungcheongbuk-do,
Korea |
|
Tel |
+82-43-219-3114 |
|
Fax |
+82-43-219-3119 |
|
Other Address-Banwol Factory |
644-1, Choji-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-489-4604~5 |
|
Fax |
+82-31-489-4600 |
|
Type |
Export/Import |
|
Industry |
Cotton Spinning |
|
Main Business |
Cotton spun yarn, P/C blended spun yarn, P/C blended fabric, Combed Cotton
Yarns, Melange Yarns, Core Spun Yarns, Blended Yarns, OE Yarns, Dyed Yarns,
Dyed Fabrics, Cotton Fabrics, Knitted Fabrics, Modal Yarn |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
11/03/1951 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Yarns(11151700) -Garment Use Yarns spun with raw cotton & top dyed fibre. |
|
Sell |
Cotton fabrics(11161700) |
|
Sell |
Knit synthetic fabrics(11161804) |
|
Sell |
Dyeing or printing or finishing services(73141706) |
|
Sell |
Threads(11151600) |
|
Sell |
Synthetic fabrics(11161800) |
|
Buy |
Cotton(11121802) |
|
Name |
Kim Young-Ho |
|
Address |
|
|
Date of Birth |
03/09/1944 |
|
Title |
Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
12,000,000,000 |
||||||||||||||||||||||||||||||
|
Employees |
1,100 |
||||||||||||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange :
003200 ) as of 03/1999 A company of ILSHIN SPINNING CO., LTD. |
||||||||||||||||||||||||||||||
|
Bank Details |
Citi Bank, Korea-Seo Yoido Branch Shinhan Bank |
||||||||||||||||||||||||||||||
|
Corporate Registered No. |
110111-0041717 |
||||||||||||||||||||||||||||||
|
Business Registered No. |
116-81-40780 |
||||||||||||||||||||||||||||||
|
Permit & Licenses |
01/2000 ISO 9002 Int’l Trade No.: 672139 |
||||||||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||||||||
|
Company History |
11/03/1951
Incorporated as the present name 03/1995
Awarded The Presidential Prize on the Tax Day 04/2004 Awarded
The Commissioner Prize of National Tax Office on the Tax Day |
||||||||||||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Chairman & CEO |
Mr. |
Kim Young-Ho |
Korean |
1944-03-09 |
New York Pratt Institute, USA |
|
President & CEO |
Mr. |
Kim Jung-Soo |
Korean |
1963-06-15 |
University of Biola, USA |
|
Executive Director |
Mr. |
Kim Jung-Kil |
Korean |
1959-09. |
Seoul National University, Korea |
|
Director |
Mr. |
Ko Jeong-Seock |
Korean |
1957-05-22 |
Seoul National University, Korea |
|
Outside Director |
Mr. |
Shin Young-Moo |
Korean |
1944-03-02 |
Seoul National University, Korea |
|
Outside Director |
Mr. |
Song Ja |
Korean |
1936-12-02 |
Yonsei University, Korea |
|
Auditor |
Mr. |
Jeong Young-Sik |
Korean |
1959-09-16 |
Seogang University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
(*)03/2015 |
80,483,501,549 |
561,503,615,727 |
2,996,527,789 |
|
(*)2014 |
310,813,495,944 |
562,635,014,940 |
5,966,073,468 |
|
(*)2013 |
311,084,146,123 |
554,797,863,642 |
16,321,684,923 |
|
(*)2012 |
326,933,867,026 |
533,630,133,141 |
-12,191,133,858 |
|
2011 |
380,131,312,496 |
570,909,115,439 |
1,101,455,649 |
|
2010 |
374,483,214,849 |
601,433,022,867 |
46,626,986,390 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
30,000,000,000 |
|
Paid-Up Capital(KRW) |
12,000,000,000 |
|
Total Issued Shares |
2,400,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total
Assets |
561,503,615,727 |
562,635,014,940 |
554,797,863,642 |
|
Current
Assets |
172,540,946,939 |
172,296,338,600 |
176,829,033,519 |
|
Cash
& Cash Equivalents |
4,501,241,883 |
6,672,968,901 |
6,697,725,843 |
|
Trade
Receivables & Other Receivables |
43,906,615,091 |
43,759,120,962 |
39,574,164,113 |
|
Inventories |
65,093,323,012 |
61,974,809,476 |
59,149,383,330 |
|
Current
Financial Instruments |
58,513,438,277 |
59,344,182,330 |
70,112,069,753 |
|
Other
Current Assets |
526,328,676 |
545,256,931 |
1,295,690,480 |
|
Non-Current
Assets |
388,962,668,788 |
390,338,676,340 |
377,968,830,123 |
|
Investment_Subsidiaries |
127,590,539,670 |
127,590,539,670 |
112,847,645,207 |
|
Other
Investment |
9,899,640,080 |
9,899,640,080 |
0 |
|
Tangibles |
152,589,672,518 |
153,055,805,938 |
156,884,485,036 |
|
Investment_Real
Estates |
82,379,860,083 |
82,697,717,914 |
85,631,758,474 |
|
Intangibles |
801,013,046 |
803,815,696 |
835,626,295 |
|
Non-Current
Financial Instruments |
15,043,400,664 |
15,632,614,315 |
21,037,949,384 |
|
Other
Non-Current Assets |
658,542,727 |
658,542,727 |
731,365,727 |
|
Total
Liabilities |
79,030,201,938 |
78,590,476,338 |
71,738,208,107 |
|
Current
Liabilities |
53,666,945,652 |
50,792,700,705 |
42,147,951,772 |
|
Short-Term
Borrowings |
24,568,249,429 |
23,843,828,252 |
19,628,206,942 |
|
Trade
Payables & Other Payables |
27,493,917,852 |
25,835,253,666 |
20,613,982,840 |
|
Accrued
Income Tax |
1,604,778,371 |
1,113,618,787 |
1,905,761,990 |
|
Non-Current Liabilities |
25,363,256,286 |
27,797,775,633 |
29,590,256,335 |
|
Long-Term
Trade Payables & Other Long-Term Payables |
8,934,387,242 |
8,912,602,273 |
9,087,171,575 |
|
Long-Term
Borrowings |
4,359,403,531 |
6,535,841,304 |
7,324,264,028 |
|
Deferred
Income Tax Credit |
12,069,465,513 |
12,349,332,056 |
13,178,820,732 |
|
Capital Stock |
12,000,000,000 |
12,000,000,000 |
12,000,000,000 |
|
Capital
Surplus |
1,757,000,000 |
1,757,000,000 |
1,757,000,000 |
|
Others |
12,091,365,564 |
12,556,570,166 |
12,844,836,567 |
|
Profit
Surplus |
456,625,048,225 |
457,730,968,436 |
456,457,818,968 |
|
Total
Equity |
482,473,413,789 |
484,044,538,602 |
483,059,655,535 |
|
Liab.
& Shareholder’s Equity |
561,503,615,727 |
562,635,014,940 |
554,797,863,642 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
80,483,501,549 |
310,813,495,944 |
311,084,146,123 |
|
Cost
of Sold Goods |
75,696,950,891 |
296,648,191,655 |
283,409,064,089 |
|
Gross
Profit |
4,786,550,658 |
14,165,304,289 |
27,675,082,034 |
|
Selling
& Admin. Expenses |
2,848,578,180 |
10,731,702,077 |
10,902,229,397 |
|
Operating
Income |
1,937,972,478 |
3,433,602,212 |
16,772,852,637 |
|
Finance
Income |
2,204,476,127 |
5,240,090,027 |
5,226,746,107 |
|
Finance
Expenses |
337,094,399 |
1,945,015,717 |
1,160,226,154 |
|
Other
Income |
304,503,771 |
2,770,188,570 |
2,276,462,108 |
|
Other
Expenses |
263,304,056 |
1,879,227,078 |
2,608,994,742 |
|
Income
Before Taxes |
3,846,553,921 |
7,619,638,014 |
20,506,839,956 |
|
Income
Taxes Expenses |
850,026,132 |
1,653,564,546 |
4,185,155,033 |
|
Net
Income |
2,996,527,789 |
5,966,073,468 |
16,321,684,923 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Operating Activities Cash Flows |
3,718,997,737 |
13,944,507,401 |
21,474,781,785 |
|
Net
Income |
2,996,527,789 |
5,966,073,468 |
16,321,684,923 |
|
Adjustment |
-673,670,621 |
7,766,463,264 |
2,520,582,393 |
|
Interests
Received |
430,569,729 |
2,150,472,825 |
1,737,491,920 |
|
Interests
Paid |
-51,699,750 |
-161,372,623 |
-224,748,271 |
|
Dividends
Received |
1,524,977,900 |
1,523,977,900 |
1,908,977,900 |
|
Income
Taxes |
-507,707,310 |
-3,301,107,433 |
-789,207,080 |
|
Cash
Flows from Investing |
-249,665,475 |
-11,352,304,709 |
-25,080,344,689 |
|
Cash
Flows from Financing |
-5,641,051,704 |
-2,617,102,463 |
6,270,311,409 |
|
Increase/Decrease
in Cash |
-2,171,727,018 |
-24,756,942 |
2,665,348,035 |
|
Cash
at the Beginning of Year |
6,672,968,901 |
6,697,725,843 |
4,032,377,808 |
|
Cash
at the End of Year |
4,501,241,883 |
6,672,968,901 |
6,697,725,843 |
|
Main Products & Services |
Combed yarns are The Subject Company's main
products. The Subject Company is biggest combed cotton yarn spinning mill in
Korea which has production capacity of 2,500 tons per month. Brand Name : THREE STAR |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
Competitors |
TAE KWANG INDUSTRIAL CO.,
LTD.(110111-0185276) DAENONG
CORPORATION(110111-0138572) CHONBANG CO.,LTD.(110111-0005664) |
|
Affiliates |
HIGEN MOTOR CO., LTD.(194211-0088197) (26.53% held by the subject company) ILSHIN INVESTMENT CO., LTD. (200111-0020308) (85.5% held by the subject company) ILSHIN INDUSTRY DEVELOPMENT CO., LTD.(110111-0790877) (100.00% held by the subject company) SHIN DONG COROPERATION(110111-0006159) (100.00% held by the subject company) SHIN DONG WINE CO., LTD.(110111-0744072) (100.00% held by SHIN DONG
COROPERATION(110111-0006159)) BSK CORPORATION(110111-1358616) (10.1% held by the subject company) ILSHIN VIETNAM CO.,LTD.(VIETNAM) (100.00% held by the subject company) |
The Subject exports
to USA, Asia and Europe.
No.
---------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.81 |
|
UK Pound |
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.