|
Report No. : |
356368 |
|
Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
TAIHAN TEXTILE
CO., LTD. |
|
|
|
|
Registered Office : |
17, Gukjegeumyung-ro 2-gil, Yeongdeungpo-gu, Seoul |
|
|
|
|
Country : |
Korea (South) |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
10.08.1953 |
|
|
|
|
Com. Reg. No.: |
116-81-33353 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
·
Export/Import Cotton of Spinning, Cotton Yarn,
Chemical Yarn, Blended Spun Yarn, Chemical Fabrics ·
Wholesale of Textiles |
|
|
|
|
No. of Employee : |
618 |
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 but correct |
|
|
|
|
Litigation : |
Exist |
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) |
|
Korea (South) |
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 |
TAIHAN TEXTILE
CO., LTD. |
|
Registered Address |
17, Gukjegeumyung-ro 2-gil, Yeongdeungpo-gu, Seoul, Korea |
|
Building |
13th Fl., Taihan Bldg. |
|
Zip Code |
150-878 |
|
Tel |
+82-2-368-0114 |
|
Fax |
+82-2-368-0461~2 |
|
E-mail |
hoon74@thtc.co.kr |
|
Website |
www.thtc.co.kr |
|
Trading Address |
13th Fl., Daehan Bldg., 17, Gukjegeumyung-ro 2-gil, Yeongdeungpo-gu,
Seoul, Korea (Old Address System : 13th Fl., Daehan
Bldg., 25, Yeouido-dong, Yeongdeungpo-gu, Seoul, Korea(P.O.BOX 145)) |
|
Tel |
+82-2-368-0114 |
|
Fax |
+82-2-368-0461~2 |
|
Other Address-Jeonju Factory |
151, Hyojadong 3-ga, Wansan-gu, Jeonju-si,
Jeollabuk-do, Korea |
|
Tel |
+82-63-222-7121~5 |
|
Fax |
+82-62-222-1142 |
|
Other Address-Daegu Factory |
1900, Bisan 7-dong, Seo-gu, Daegu, Korea |
|
Tel |
+82-53-720-4400 |
|
Fax |
+82-53-720-4401 |
|
Other Address-Daegu Office |
20, Chilseongdong 2-ga, Buk-gu, Daegu, Korea |
|
Tel |
+82-53-213-5000 |
|
Fax |
+82-53-720-4410 |
|
Type |
Export/Import |
|
Industry |
Cotton of Spinning |
|
Main Business |
Cotton Yarn, Chemical Yarn, Blended Spun Yarn, Chemical Fabrics |
|
Sub
Business |
Wholesale of Textiles |
|
Established (mm/dd/yyyy) |
08/10/1953 |
The Subject owns
the premises of Jeonju Factory (221,124m2), Daegu Factory(49,392m2) and Daegu
Office(4,777m2).
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Fabrics and leather materials(11160000) |
|
Sell |
Knit synthetic fabrics(11161804) |
|
Sell |
Specialty fabrics or cloth(11162100) |
|
Sell |
Synthetic fabrics(11161800) |
|
Buy |
Yarns(11151700) |
|
Buy |
Cotton yarn(11151702) |
|
Buy |
Polyester yarn(11151703) |
|
Buy |
Rayon fibers(11151506) |
|
Name |
Sull Bum |
|
Address |
|
|
Date of Birth |
03/05/1958 |
|
Title |
Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
5,300,000,000 |
|||||||||||||||||||||||||||||||||||||||
|
Employees |
618 |
|||||||||||||||||||||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange : 001070) as of 12/28/1973 A Company of TAIHAN TEXTILE CO., LTD. |
|||||||||||||||||||||||||||||||||||||||
|
Bank Details |
Hana Bank-Gangseo Corporate Branch Woori Bank Kookmin Bank Daegu Bank |
|||||||||||||||||||||||||||||||||||||||
|
Corporate Registered No. |
110111-0019350 |
|||||||||||||||||||||||||||||||||||||||
|
Business Registered No. |
116-81-33353 |
|||||||||||||||||||||||||||||||||||||||
|
Permit & Licenses |
07/26/2001ISO9002 Int’l Trade No.: 673286 |
|||||||||||||||||||||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||||||||||||||||||||
|
Company History |
08/10/1953 Incorporated as the present name 06/1987 Acquired TAIHAN TOTAL DEVELOPMENT
CO., LTD. 01/2002 Sold the Subject’s HQ office
building to KORAMCO REITS MGT & TRUST CO.,LTD(110111-2359837) |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Chairman & CEO |
Mr. |
Sull Bum |
Korean |
1958.03.05 |
Yonsei University, Korea |
|
President & CEO |
Mr. |
Sull Young-Ki |
Korean |
1964.08.02 |
Chungang University, Korea |
|
Sr. Executive Director |
Mr. |
Seok Young-Kil |
Korean |
1955.03.28 |
Youngnam University, Korea |
|
Director |
Mr. |
Kim In-Ho |
Korean |
1968.09. |
Sungsil University, Korea |
|
Outside Director |
Mr. |
Kim Duck-Cheol |
Korean |
1963.10.04 |
Seoul National University, Korea |
|
Auditor |
Mr. |
Han Joon-Ho |
Korean |
1971.01. |
Yonsei University, Korea |
|
Outside Director |
Mr. |
Kim Sung-Ho |
USA |
1954.09. |
Sunlin Commercial High, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
54,860,051,765 |
388,852,700,216 |
-651,181,088 |
|
|
(*)2014 |
234,702,605,279 |
373,958,935,141 |
-22,297,067,379 |
|
(*)2013 |
269,900,175,211 |
271,948,173,408 |
5,234,287,547 |
|
(*)2012 |
259,438,524,837 |
259,775,593,331 |
-9,613,705,730 |
|
2011 |
286,063,131,150 |
281,588,814,841 |
-10,934,986,889 |
|
2010 |
288,762,884,386 |
248,776,849,020 |
7,451,968,416 |
|
2009 |
261,546,466,653 |
239,190,313,515 |
-14,874,895,494 |
|
2008 |
289,017,980,261 |
260,421,446,851 |
-13,199,547,723 |
|
2007 |
243,340,902,864 |
209,507,187,415 |
-9,927,790,894 |
|
2006 |
244,836,984,723 |
212,112,362,129 |
-4,386,600,009 |
|
2005 |
236,487,648,720 |
224,000,230,297 |
39,107,095,790 |
|
2004 |
234,032,552,123 |
198,232,597,700 |
7,241,659,034 |
|
2003 |
236,205,168,557 |
219,513,337,407 |
14,500,298,141 |
(*)Figures are based on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
20,000,000,000 |
|
Paid-Up Capital(KRW) |
5,300,000,000 |
|
Total Issues Shares |
1,060,000 |
|
BALANCE SHEET |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total Assets |
388,852,700,216 |
373,958,935,141 |
271,948,173,408 |
|
Current Assets |
124,934,446,792 |
109,376,296,773 |
147,082,373,544 |
|
Cash & Cash Equivalents |
2,085,530,705 |
3,343,309,196 |
947,241,985 |
|
Current Financial Instruments |
104,000,000 |
0 |
0 |
|
Marketable Financial Instruments |
0 |
0 |
243,905,273 |
|
Trade Receivables |
43,598,654,492 |
39,464,737,782 |
39,931,510,360 |
|
Other Receivables |
26,315,536,358 |
23,096,347,029 |
40,487,537,403 |
|
Inventories |
51,659,203,425 |
42,523,758,403 |
62,022,755,852 |
|
Deferred Income Tax Assets |
1,898,501 |
1,749,881 |
10,724,200 |
|
Other Financial Assets |
1,169,623,311 |
946,394,482 |
3,438,698,471 |
|
Non-Current Assets |
263,918,253,424 |
264,582,638,368 |
124,865,799,864 |
|
Non-Current Financial Instruments |
13,000,000 |
13,000,000 |
13,000,000 |
|
Marketable Financial Instruments |
1,951,929,934 |
2,004,754,934 |
2,149,570,651 |
|
Other Long-Term Receivables |
1,558,826,926 |
1,558,826,926 |
1,727,889,183 |
|
Investment_Subsidiaries |
6,801,666,434 |
6,801,666,434 |
6,801,666,434 |
|
Tangibles |
225,545,330,038 |
226,033,685,180 |
81,400,435,064 |
|
Investment_Real Estates |
27,537,317,528 |
27,660,428,924 |
28,585,610,549 |
|
Intangibles |
496,322,564 |
496,415,970 |
621,481,650 |
|
Deferred Income Tax Assets |
0 |
0 |
3,551,131,333 |
|
Other Non-Current Assets |
13,860,000 |
13,860,000 |
15,015,000 |
|
Total Liabilities |
211,215,787,729 |
195,670,841,566 |
182,652,863,132 |
|
Current Liabilities |
164,557,263,073 |
147,679,229,734 |
157,182,957,123 |
|
Trade Payables |
18,059,730,963 |
12,732,192,576 |
13,298,882,400 |
|
Account Payables |
6,472,626,123 |
6,018,918,476 |
5,954,723,574 |
|
Other Payables |
2,876,372,082 |
2,663,322,859 |
2,953,024,944 |
|
Short-Term Borrowings |
119,366,197,104 |
107,851,192,975 |
113,553,890,225 |
|
Current Portion of Long-Term Debts |
14,545,256,924 |
15,030,351,000 |
19,139,916,368 |
|
Other Current Liabilities |
3,237,079,877 |
3,383,251,848 |
2,282,519,612 |
|
Non-Current Liabilities |
46,658,524,656 |
47,991,611,832 |
25,469,906,009 |
|
Other Long-Term Payables |
1,394,494,524 |
1,372,815,184 |
1,315,978,783 |
|
Other Non-Current Financial Debts |
3,737,418,740 |
3,988,157,588 |
1,551,618,847 |
|
Debentures |
11,278,469,127 |
11,273,706,113 |
0 |
|
Long-Term Borrowings |
700,407,476 |
1,721,707,900 |
16,618,725,570 |
|
Provision for Severance & Retirement |
6,982,324,252 |
6,906,360,918 |
5,581,442,341 |
|
Deferred Income Tax Credit |
22,223,783,455 |
22,375,134,370 |
0 |
|
Other Non-Current Liabilities |
341,627,082 |
353,729,759 |
402,140,468 |
|
Capital Stock |
5,300,000,000 |
5,300,000,000 |
5,300,000,000 |
|
Capital Surplus |
1,935,478,247 |
1,935,478,247 |
1,935,478,247 |
|
Treasury Stock |
-51,960 |
-51,960 |
-51,960 |
|
Installments |
111,434,948,432 |
111,434,948,432 |
0 |
|
Profit Surplus |
58,966,537,768 |
59,617,718,856 |
82,059,883,989 |
|
Total Equity |
177,636,912,487 |
178,288,093,575 |
89,295,310,276 |
|
Liab. & Shareholder’s Equity |
388,852,700,216 |
373,958,935,141 |
271,948,173,408 |
INCOME STATEMENT
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
54,860,051,765 |
234,702,605,279 |
269,900,175,211 |
|
Cost
of Sold Goods |
50,833,277,221 |
227,086,211,631 |
252,073,595,138 |
|
Gross
Profit |
4,026,774,544 |
7,616,393,648 |
17,826,580,073 |
|
Selling
& Admin. Expenses |
3,047,774,293 |
12,468,282,841 |
14,043,855,962 |
|
Operating
Income |
979,000,251 |
-4,851,889,193 |
3,782,724,111 |
|
Other
Income |
1,184,871,550 |
7,612,246,281 |
17,934,482,918 |
|
Other
Expenses |
1,572,863,626 |
24,378,767,733 |
8,541,841,098 |
|
Finance
Income |
80,517,373 |
345,255,140 |
289,051,869 |
|
Finance
Expenses |
1,474,057,551 |
6,487,091,234 |
6,235,254,405 |
|
Income
Before Taxes |
-802,532,003 |
-27,760,246,739 |
7,229,163,395 |
|
Income
Taxes Expenses |
-151,350,915 |
-5,463,179,360 |
1,994,875,848 |
|
Net
Income |
-651,181,088 |
-22,297,067,379 |
5,234,287,547 |
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 |
-11,067,943,673 |
18,934,773,340 |
-24,058,181,796 |
|
Net Income |
-651,181,088 |
-22,297,067,379 |
5,234,287,547 |
|
Adjustment |
2,403,043,445 |
21,107,021,920 |
3,681,944,113 |
|
Changes in Asset/ & Liability |
-11,346,545,037 |
26,381,018,662 |
-26,879,181,148 |
|
Interests Received |
11,142,864 |
362,555,089 |
280,957,503 |
|
Interests Paid |
-1,484,403,857 |
-6,642,616,112 |
-6,322,735,689 |
|
Income Taxes |
0 |
10,724,200 |
-62,559,917 |
|
Dividends Received |
0 |
13,136,960 |
9,105,795 |
|
Cash
Flows from Investing |
-354,049,414 |
-2,888,236,361 |
7,556,483,582 |
|
Cash Inflow from Investing |
18,909,091 |
1,970,005,705 |
9,966,354,320 |
|
Cash Outflows for Investing |
-372,958,505 |
-4,858,242,066 |
-2,409,870,738 |
|
Cash Flows
from Financing |
10,008,609,629 |
-13,420,463,850 |
13,732,913,326 |
|
Cash Inflows from Financing |
11,515,004,129 |
26,885,222,030 |
26,691,904,329 |
|
Cash Outflows from Financing |
-1,506,394,500 |
-40,305,685,880 |
-12,958,991,003 |
|
Increase/Decrease
in Cash |
-1,413,383,458 |
2,626,073,129 |
-2,768,784,888 |
|
Cash at
the Beginning of Year |
3,635,786,094 |
1,009,712,965 |
3,778,497,853 |
|
Cash at
the End of Year |
2,222,402,636 |
3,635,786,094 |
1,009,712,965 |
|
Main Products & Services |
Yarn -Melange Yarn -Cotton Yarn -Combined Yarn Textiles -Super Silky -Shape Memory -Mixture Fabric -Lyocell Fabric -Compact Yarn Fabric New Materials -Pill-Free -Bamboo Yarn -Soybean Yarn Brand Name : Melanors,
Baikma, Rainbow |
|
Detailed Products Spec. |
-- |
|
Technologies Acquired |
-- |
|
Suppliers |
-- |
|
Customers |
-- |
|
Competitors |
CHONBANG CO., LTD.(110111-0005664) 12~13TH FI., CHUNGJEONG TOWER BLDG., 464,
CHUNGJEONGNO 3-GA, SEODAEMUN-GU, SEOUL, KOREA TEL:+82-2-2122-6000 FAX:+82-2-392-3923 KYUNGBANG LTD.(110111-0013287) 441-10, YEONGDEUNGPODONG 4-GA,
YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-2639-6114 FAX:+82-2-2639-6079 DONGIL CORPORATION(110111-0019219) 8TH FL., JEONG-HEON BLDG., 944-1, DAECHI
3-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-2222-3071 FAX:+82-2-2222-3280 |
|
Affiliates |
-- |
|
Overseas Office |
-- |
|
Liaison Office |
-- |
|
Overseas Branch |
DAEWON TEXTILE(QINGDAO) CO., LTD.(CHINA) TEL:+86 532-8859-9621~2 FAX:+86
532-8859-9627 |
|
Joint Venture |
-- |
|
Subsidiary |
DAEWON TEXTILE(QINGDAO) CO., LTD.(CHINA) (95.00% held by the subject company) TEL:+86 532-8859-9621~2 FAX:+86
532-8859-9627 DAEWON DYEING(QINGDAO) CO., LTD.(CHINA) (100.00% held by the subject company) TAIHAN TEXTILE(SHANGHAI) CO., LTD.(CHINA) (100.00% held by the subject company) PT.TAIHAN INDONESIA (99.70% held by the subject company) |
|
Corporate Ownership |
-- |
|
Major Shareholders |
-- |
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO.,
LTD(110111-0013328) |
|
Sales/ Unit :Mil KRW |
09/2010 |
2009 |
2008 |
|
Export |
136,062 |
162,769 |
187,785 |
|
Domestic |
74,230 |
97,300 |
99,764 |
|
Others |
1,299 |
1,477 |
1,469 |
|
Total |
211,591 |
261,546 |
289,018 |
The Subject Company
deals with the companies in China, USA and Europe. It imports from USA and
Germany.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
2014NA52921 |
Seoul Nambu District Court |
Yewool Design Co., Ltd.(Korea) & Others |
The Subject Company |
Transferring Properties |
22,448,500 |
Proceeding |
|
2014NA23975 |
Seoul High Court |
Dajeon Trading Co., Ltd.(Korea) |
The Subject Company |
Claim for Compensation from Damages |
287,549,361 |
Proceeding |
|
2013GAHAP15068 |
Seoul Nambu District Court |
The Subject Company |
Visual Resourse & Others |
Receivables |
511,596,308 |
Proceeding |
|
2014NA55821 |
Seoul Nambu District Court |
The Subject Company |
CHEIL INDUSTRIES INC.(110111-0015762) |
Other Receivables |
56,000,000 |
Proceeding |
|
2015GAHAP101321 |
Seoul Nambu District Court |
The Subject Company |
MOOLRAE SPINNING CO.,LTD.(200111-0073597) |
Claim for Compensation from Damages |
405,101,000 |
Proceeding |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.30 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.72.33 |
|
KRW |
1 |
Rs.0.057 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.