|
Report No. : |
309250 |
|
Report Date : |
24.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
ILSHIN SPINNING CO., LTD. |
|
|
|
|
Registered Office : |
11, Eunhaeng-ro, Yeongdeungpo-gu, Seoul, Korea Ilshin Bldg. 150-872 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
03.11.1951 |
|
|
|
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Com. Reg. No.: |
116-81-40780 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Export/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 |
1,134 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
ILSHIN SPINNING CO., LTD. |
|
Registered Address |
11, Eunhaeng-ro, Yeongdeungpo-gu, Seoul, Korea |
|
Building |
Ilshin Bldg. |
|
Zip Code |
150-872 |
|
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 |
|
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 |
|
Date of Birth |
03/09/1944 |
|
Title |
Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
12,000,000,000 |
|||||||||||||||||||||||||||
|
Employees |
1,134 |
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|
Formation |
Listed Company (Korea Stock Exchange :
003200 ) as of 03/1999 A company of ILSHIN SPINNING CO., LTD. |
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|
Bank Details |
Citi Bank, Korea-Seo Yoido Branch |
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Corporate Registered No. |
110111-0041717 |
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Business Registered No. |
116-81-40780 |
|||||||||||||||||||||||||||
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Permit & Licenses |
01/2000 ISO 9002 Int’l Trade No.: 672139 |
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Shareholder Position |
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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 |
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|
|
|
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Chairman & CEO |
Mr. |
Kim Young-Ho |
Korean |
1944-03-09 |
New Yok Pratt Institute, USA |
|
President & CEO |
Mr. |
Kim Jung-Soo |
Korean |
1963-06-15 |
University of Biola, USA |
|
Executive Director |
Mr. |
Kim Min-Soo |
Korean |
1966-09-21 |
Chamman University-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 |
|
(*)06/2014 |
152,927,664,502 |
562,625,019,648 |
5,794,061,939 |
|
(*)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 |
01/01/2014~06/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
562,625,019,648 |
554,797,863,642 |
533,630,133,141 |
|
Current Assets |
173,390,410,627 |
176,829,033,519 |
152,590,956,581 |
|
Cash & Cash Equivalents |
7,155,302,317 |
6,697,725,843 |
4,032,377,808 |
|
Current Financial Instruments |
55,765,780,583 |
70,112,069,753 |
51,980,100,921 |
|
Trade Receivables & Other
Receivables |
42,903,620,550 |
39,574,164,113 |
38,608,211,084 |
|
Other Current Assets |
582,115,364 |
1,295,690,480 |
548,333,558 |
|
Inventories |
66,983,591,813 |
59,149,383,330 |
57,270,115,880 |
|
Deferred Income Tax Assets |
0 |
0 |
151,817,330 |
|
Non-Current Assets |
389,234,609,021 |
377,968,830,123 |
381,039,176,560 |
|
Marketable Financial Instruments |
16,596,102,008 |
21,019,279,384 |
21,873,334,659 |
|
Non-Current Financial Instruments |
3,000,000 |
18,670,000 |
2,500,000 |
|
Other Non-Current Assets |
728,542,727 |
731,365,727 |
381,327,470 |
|
Investment_Subsidiaries |
121,750,673,726 |
112,847,645,207 |
112,847,645,207 |
|
Investment_Related Companies |
9,899,640,080 |
0 |
0 |
|
Tangibles |
155,206,386,428 |
156,884,485,036 |
156,050,351,854 |
|
Investment_Real Estates |
84,230,543,056 |
85,631,758,474 |
88,733,826,517 |
|
Intangibles |
819,720,996 |
835,626,295 |
1,150,190,853 |
|
Total Liabilities |
78,191,255,590 |
71,738,208,107 |
69,156,404,462 |
|
Current Liabilities |
50,734,025,723 |
42,147,951,772 |
44,068,102,815 |
|
Short-Term Borrowings |
21,511,485,149 |
19,628,206,942 |
18,059,997,979 |
|
Trade Payables & Other
Payables |
27,124,417,746 |
20,613,982,840 |
26,008,104,836 |
|
Deferred Income Tax Credit |
2,098,122,828 |
1,905,761,990 |
0 |
|
Non-Current Liabilities |
27,457,229,867 |
29,590,256,335 |
25,088,301,647 |
|
Long-Term Borrowings |
6,274,713,931 |
7,324,264,028 |
4,266,990,442 |
|
Other Non-Current Liabilities |
8,792,253,248 |
9,087,171,575 |
9,359,952,482 |
|
Deferred Income Tax Credit |
12,390,262,688 |
13,178,820,732 |
11,461,358,723 |
|
Capital Stock |
12,000,000,000 |
12,000,000,000 |
12,000,000,000 |
|
Capital Surplus |
10,637,536,828 |
10,637,536,828 |
5,854,300,706 |
|
Others |
4,237,270,323 |
3,964,299,739 |
4,760,947,428 |
|
Profit Surplus |
457,558,956,907 |
456,457,818,968 |
441,858,480,545 |
|
Total Equity |
484,433,764,058 |
483,059,655,535 |
464,473,728,679 |
|
Liab. & Shareholder’s Equity |
562,625,019,648 |
554,797,863,642 |
533,630,133,141 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2014~06/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
152,927,664,502 |
311,084,146,123 |
326,933,867,026 |
|
Cost of Sold Goods |
143,865,805,637 |
283,409,064,089 |
335,740,660,403 |
|
Gross Profit |
9,061,858,865 |
27,675,082,034 |
-8,806,793,377 |
|
Selling & Admin. Expenses |
5,364,873,758 |
10,902,229,397 |
10,665,144,488 |
|
Operating Income |
3,696,985,107 |
16,772,852,637 |
-19,471,937,865 |
|
Finance Income |
4,291,249,010 |
5,226,746,107 |
4,920,325,643 |
|
Finance Expenses |
701,609,008 |
1,160,226,154 |
516,064,672 |
|
Other Income |
1,099,595,573 |
2,276,462,108 |
1,229,296,168 |
|
Other Expenses |
1,095,169,658 |
2,608,994,742 |
2,202,847,834 |
|
Income Before Taxes |
7,291,051,024 |
20,506,839,956 |
-16,041,228,560 |
|
Income Taxes Expenses |
1,496,989,085 |
4,185,155,033 |
-3,850,094,702 |
|
Net Income |
5,794,061,939 |
16,321,684,923 |
-12,191,133,858 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2014~06/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Operating Activities Cash Flows |
5,047,500,703 |
21,474,781,785 |
37,157,645,832 |
|
Net Income |
5,794,061,939 |
16,321,684,923 |
-12,191,133,858 |
|
Adjustment |
-1,318,455,725 |
2,520,582,393 |
44,004,122,913 |
|
Interests Received |
1,334,140,318 |
1,737,491,920 |
1,107,659,846 |
|
Interests Paid |
-78,045,736 |
-224,748,271 |
-357,464,223 |
|
Dividends Received |
1,485,977,900 |
1,908,977,900 |
1,593,227,900 |
|
Income Taxes |
-2,170,177,993 |
-789,207,080 |
3,001,233,254 |
|
Cash Flows from Investing |
-1,430,679,464 |
-25,080,344,689 |
-44,621,730,511 |
|
Cash Flows from Financing |
-3,159,111,653 |
6,270,311,409 |
-16,430,565,070 |
|
Increase/Decrease in Cash |
457,576,474 |
2,665,348,035 |
-23,894,653,901 |
|
Cash at the Beginning of Year |
6,697,725,843 |
4,032,377,808 |
27,927,031,709 |
|
Cash at the End of Year |
7,155,302,317 |
6,697,725,843 |
4,032,377,808 |
|
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 |
|
|
Competitors |
TAE KWANG INDUSTRIAL CO.,
LTD.(110111-0185276) DAENONG CORPORATION(110111-0138572) CHONBANG CO.,LTD.(110111-0005664) |
|
Affiliates |
ILSHIN INVESTMENT CO., LTD. (200111-0020308) (90.63% 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 the subject company) BSK CORPORATION (110111-1358616) (100.00% held by the subject company) ILSHIN VIETNAM CO.,LTD.(VIETNAM) (100.00% held by the subject company) |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.18 |
|
|
1 |
Rs.95.71 |
|
Euro |
1 |
Rs.70.76 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
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.