|
Report No. : |
302940 |
|
Report Date : |
10.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
TORAY ADVANCED
MATERIALS KOREA INC. |
|
|
|
|
Registered Office : |
300, 3gongdan 2-ro, Gumi-si,
Gyeongsangbuk-do, Korea (Old Address System : 93-1, Imsu-dong, Gumi-si, Gyeongsangbuk-do,
Korea) |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
15.10.1999 |
|
|
|
|
Com. Reg. No.: |
513-81-16410 |
|
|
|
|
Legal Form : |
Company Limited By Shares |
|
|
|
|
Line of Business : |
Manufacture of Plastic Films, Sheets and Plates |
|
|
|
|
No. of Employee : |
1,275 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
TORAY ADVANCED
MATERIALS KOREA INC. (Ex. Company
Name : TORAY SAEHAN INC., “도레이새한(주)”) (Korean Company
Name : “도레이첨단소재(주)”) |
|
Registered Address |
300, 3gongdan 2-ro, Gumi-si,
Gyeongsangbuk-do, Korea (Old Address System : 93-1, Imsu-dong,
Gumi-si, Gyeongsangbuk-do, Korea) |
|
Building |
|
|
Zip Code |
730-350 |
|
Tel |
+82-54-479-6114 |
|
Fax |
+82-54-479-6371 |
|
E-mail |
contact@toraysaehan.com |
|
Website |
www.torayamk.com |
|
Trading Address |
34~36FL, FKI Tower , 24, Yeoui-daero,
Yeongdeungpo-gu, Seoul, Korea (Old Address System : 34~36FL, FKI Tower ,
28-1, Yeouido-dong, Yeongdeungpo-gu, Seoul, Korea) |
|
Tel |
+82-2-3279-1000 |
|
Fax |
+82-2-3279-1411 |
|
Other Address-Gumi 2 Factory |
287, Gongdan-dong, Gumi-si, Gyeongbuk,
Korea |
|
Tel |
+82-54-479-6114 |
|
Fax |
+82-54-479-6371 |
|
Other Address- Gumi 3 Factory |
4Danji, 24 Block, Gupo-dong,
Gumi-si, Gyeongbuk, Korea |
|
Tel |
+82-54-479-6605 |
|
Fax |
+82-54-479-6609 |
|
Other Address -AMRC |
Rm.703, Korea University, Anam-dong 5-ga,
Seongbuk-gu, Seoul, Korea |
|
Tel |
+82-2-953-4035 |
|
Fax |
+82-2-953-4039 |
|
Other Address-Daegu Office |
93-1 Imsu-dong, Gumi-si, Gyeongsangbuk-do, 730-350, Korea |
|
Tel |
+82-54-479-6286~7 |
|
Fax |
+82-54-479-6193 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Plastic Films, Sheets and Plates |
|
Main
Business |
Polyester Filament, PP/Pet Spunbond, Polyester Film, Polyester Chip |
|
Sub
Business |
Manufacture of Other Non-woven and Felt Fabrics |
|
Established (mm/dd/yyyy) |
10/15/1999 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Nonwoven fabrics(11162200) |
|
Sell |
Polyester films(13111210) |
|
Sell |
Polyester yarn(11151703) |
|
Sell |
Films(13111200) |
|
Name |
Lee Young-Gawn |
|
Address |
991, Bukhangang-ro, Seojong-myeon,
Yangpyeong-gun, Gyeonggi-do, Korea |
|
Date of Birth |
09/12/1947 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
561,000,000,000 |
|||||||||
|
Employees |
1,275 |
|||||||||
|
Formation |
Co., Ltd by shares Foreign Direct Investment Corporation |
|||||||||
|
Bank Details |
Woori Bank Hana Bank Shinhan Bank Korea Exchange Bank |
|||||||||
|
Corporate Registered No. |
176011-0020054 |
|||||||||
|
Business Registered No. |
513-81-16410 |
|||||||||
|
Permit & Licenses |
Int’l Trade No.: 13069555 |
|||||||||
|
Shareholder Position |
(*)The list is based as of 12/31/2013. |
|||||||||
|
Company History |
10/15/1999 Incorporated as Toray Saehan
Inc. as a JV with Saehan and Toray Industries, Inc.(Japan) 12/03/2004 Increased capital to
336,000,000,000 KRW from 300,000,000,000 KRW 12/25/2005 Increased capital to
356,900,000,000 KRW from 336,000,000,000 KRW 06/24/2009 Increased capital to
415,000,000,000 KRW from 356,900,000,000 KRW 04/20/2010 Changed company name to the
present name 02/01/2012 Increased capital to
455,000,000,000 KRW from 415,000,000,000 KRW 08/01/2012 Increased capital to
475,000,000,000 KRW from 455,000,000,000 KRW 01/16/2014 Increased capital to 518,000,000
KRW from 475,000,000,000 KRW 07/16/2014 Increased capital to
561,000,000,000 KRW from 518,000,000 KRW |
|||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Lee Young-Gawn |
Male |
Korean |
10/15/1999 |
|
Co-President & CEO |
Mr. |
Kim Sang-Phil |
Male |
Korean |
01/01/2013 |
|
Director |
Mr. |
Seo Ki-Bong |
Male |
Korean |
03/17/2009 |
|
Director |
Mr. |
Won Dong-Ho |
Male |
Korean |
03/14/2011 |
|
Director |
Mr. |
Jeon Hae-Sang |
Male |
Korean |
03/19/2014 |
|
Director |
Mr. |
Lee Jae-Ha |
Male |
Korean |
03/19/2014 |
|
Director |
Mr. |
Minakuchi Taishuke |
Male |
Japanese |
08/25/2014 |
|
Director |
Mr. |
Mastumae Hidetaka |
Male |
Japanese |
08/25/2014 |
|
Director |
Mr. |
Mastumoto Michiyoshi |
Male |
Japanese |
08/25/2014 |
|
Director |
Mr. |
Takewuchi Hitoshi |
Male |
Japanese |
08/13/2012 |
|
Director |
Mr. |
Song Baik-Ha |
Male |
Korean |
02/23/2010 |
|
Auditor |
Mr. |
Murakami Hiroshi |
Male |
Japanese |
08/25/2014 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2013 |
1,289,687,760,352 |
1,734,539,166,901 |
110,153,451,379 |
|
2012 |
1,331,196,046,415 |
1,419,455,546,280 |
164,852,985,592 |
|
2011 |
1,281,887,793,301 |
1,245,321,872,386 |
178,581,714,245 |
|
2010 |
1,136,139,200,391 |
1,062,427,389,708 |
166,300,149,176 |
|
952,993,223,135 |
893,150,971,047 |
88,157,185,724 |
|
|
2008 |
839,766,737,886 |
828,098,612,276 |
33,261,476,604 |
|
2007 |
724,110,861,936 |
798,375,544,595 |
38,283,566,307 |
|
2006 |
685,618,159,033 |
740,571,328,705 |
40,464,549,623 |
|
2005 |
661,075,966,438 |
679,423,768,821 |
47,473,595,067 |
|
2004 |
642,565,779,285 |
716,926,006,266 |
54,117,116,169 |
|
Authorized Capital(KRW) |
600,000,000,000 |
|
Paid-Up Capital(KRW) |
561,000,000,000 |
|
Total Issued Shares |
112,200,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
1,734,539,166,901 |
1,419,455,546,280 |
1,245,321,872,386 |
|
Current Assets |
538,803,165,063 |
505,517,593,590 |
475,203,576,041 |
|
-Quick Assets |
333,766,793,483 |
330,459,850,239 |
316,874,276,933 |
|
-Inventories |
205,036,371,580 |
175,057,743,351 |
158,329,299,108 |
|
Fixed Assets |
1,195,736,001,838 |
913,937,952,690 |
770,118,296,345 |
|
-Investment |
110,251,818,602 |
103,705,172,280 |
90,369,840,609 |
|
-Tangibles |
803,558,275,018 |
794,326,620,056 |
663,418,037,870 |
|
-Intangibles |
10,221,786,581 |
2,672,849,017 |
3,369,502,177 |
|
-Others |
271,704,121,637 |
13,233,311,337 |
12,960,915,689 |
|
Total Liabilities |
449,498,470,147 |
220,513,354,898 |
242,786,642,934 |
|
Current Liabilities |
216,386,740,570 |
207,411,113,902 |
235,245,375,887 |
|
Fixed Liabilities |
233,111,729,577 |
13,102,240,996 |
7,541,267,047 |
|
Capital Stock |
475,000,000,000 |
475,000,000,000 |
415,000,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
804,236,243,714 |
718,126,823,835 |
577,065,388,463 |
|
Capital Adjustment |
5,804,453,040 |
5,815,367,547 |
10,469,840,989 |
|
Total Equity |
1,285,040,696,754 |
1,198,942,191,382 |
1,002,535,229,452 |
|
Liab. & Shareholder’s Equity |
1,734,539,166,901 |
1,419,455,546,280 |
1,245,321,872,386 |
|
Current Liabilities |
216,386,740,570 |
207,411,113,902 |
235,245,375,887 |
|
Short-Term Borrowings |
50,000,000,000 |
- |
|
|
Trade Payables |
82,659,058,531 |
110,443,169,575 |
99,356,889,804 |
|
Account Payables |
48,658,196,801 |
54,946,027,222 |
93,767,783,813 |
|
Advance Receipts |
747,626,731 |
895,624,333 |
359,019,824 |
|
Withholdings |
1,774,900,278 |
2,769,926,875 |
2,480,172,037 |
|
Guarantee Deposit Withhold |
314,000,000 |
292,000,000 |
303,000,000 |
|
Accrued Expenses |
8,769,300,667 |
9,004,095,371 |
6,885,670,080 |
|
Accrued Income Tax |
12,413,803,799 |
18,317,323,041 |
25,794,164,378 |
|
Derivatives |
- |
83,871,843 |
52,614,498 |
|
Leasehold Deposit Received |
687,650,400 |
686,534,400 |
679,068,000 |
|
Provision for Warrant |
625,917,897 |
708,254,050 |
1,077,324,295 |
|
Provisions |
8,113,860,933 |
8,283,647,192 |
3,999,289,158 |
|
Other Current Liabilities |
541,907,200 |
980,640,000 |
490,380,000 |
|
Derivatives |
1,080,517,333 |
- |
|
|
Fixed Liabilities |
233,111,729,577 |
13,102,240,996 |
7,541,267,047 |
|
Long-Term Borrowings |
219,852,899,576 |
- |
|
|
Provision for Severance & Retirement |
42,226,065,960 |
34,919,239,120 |
27,554,357,702 |
|
Non-Current Portion of Deferred Income Tax Credit |
6,449,326,454 |
6,354,456,713 |
5,503,859,184 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
1,289,687,760,352 |
1,331,196,046,415 |
1,281,887,793,301 |
|
Cost of Sold Goods |
1,069,019,147,925 |
1,052,886,235,828 |
990,612,327,258 |
|
Gross Profit |
220,668,612,427 |
278,309,810,587 |
291,275,466,043 |
|
Selling & Admin. Expenses |
90,392,531,599 |
88,249,037,423 |
85,087,763,442 |
|
Operating Income |
130,276,080,828 |
190,060,773,164 |
206,187,702,601 |
|
Non-Operating Income |
25,987,401,792 |
32,754,326,150 |
35,748,777,536 |
|
Non-Operating Expenses |
20,008,653,552 |
24,698,414,386 |
21,505,837,966 |
|
Income Before Taxes |
136,254,829,068 |
198,116,684,928 |
220,430,642,171 |
|
Income Taxes Expenses |
26,101,377,689 |
33,263,699,336 |
41,848,927,926 |
|
Net Income |
110,153,451,379 |
164,852,985,592 |
178,581,714,245 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from Operating |
127,711,524,250 |
187,439,510,552 |
182,790,049,317 |
|
-Net Income |
110,153,451,379 |
164,852,985,592 |
178,581,714,245 |
|
-Exp. without Cash Outflow |
93,868,062,543 |
84,193,309,467 |
62,758,955,106 |
|
-Revenue without Cash Inflows |
-6,116,942,969 |
-10,996,460,407 |
-6,121,256,432 |
|
-Changes in Asset/ & Liability |
-70,193,046,703 |
-50,610,324,100 |
-52,429,363,602 |
|
Cash Flows from Investing |
-356,452,961,772 |
-220,147,183,445 |
-251,018,224,569 |
|
-Cash Inflow from Investing |
2,110,790,569 |
1,416,865,979 |
1,314,011,936 |
|
-Cash Outflows for Investing |
-358,563,752,341 |
-221,564,049,424 |
-252,332,236,505 |
|
Cash Flows from Financing |
246,251,116,000 |
39,414,109,985 |
-19,559,535,562 |
|
-Cash Inflows from Financing |
270,002,082,000 |
62,751,900,468 |
2,496,614,900 |
|
-Cash Outflows from Financing |
-23,750,966,000 |
-23,337,790,483 |
-22,056,150,462 |
|
Increase/Decrease in Cash |
17,509,678,478 |
6,706,437,092 |
-87,787,710,814 |
|
Cash at the Beginning of Year |
95,166,505,462 |
88,460,068,370 |
176,247,779,184 |
|
Cash at the End of Year |
112,676,183,940 |
95,166,505,462 |
88,460,068,370 |
|
Main Products & Services |
Polyester Film -Polyester Film -Metallized Film IT Materials -Display materials -Electronics & Circuit Materials -Metaloyal Spunbond -PP Spunbond -PET Spunbond Polyester Chip Polyester Filament PLA |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
Competitors |
HWASEUNG INDUSTRIES CO., LTD. 6TH FL., JANGCHEON BLDG., 1287-21, YEONSAN
5-DONG, YEONJE-GU, BUSAN, KOREA TEL:+82-51-311-0081 FAX:+82-51-312-2465 SKC HAAS DISPLAY FILMS CO., LTD. 460, CHEONHEUNG-RI, SEONGGEO-EUP,
SEOBUK-GU, CHEONAN-SI, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-550-9999 FAX:+82-41-622-9999 SANGBO ELECTRONIC CO., LTD. 466, UIJEON-RI, JINYEONG-EUP, GIMHAE-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-343-0822 FAX:+82-55-343-2679 |
|
Affiliates |
TORAY INTERNATIONAL KOREA CO., LTD.(110111-3317339) (20.0% held by the subject company) GUMI SPUNTECH CO., LTD.(176011-0041943) (100.0% held by the subject company) TORAY CHEMICAL KOREA CO., LTD.(174811-0000151) (56.21% held by the subject company) STEMCO CO., LTD.(281111-0102399) DAEHAN PRECISION CO., LTD.(KOREA) CHORI CO., LTD. PENFIBRE SDN. BERHAD THAI TORAY SYNTHETICS CO., LTD. TORAY FILM PRODUCTS(ZHONSHAN) CO., LTD. TORAY INTERNATIONAL EUROPE GMBH TORAY FIBERS(NANTONG)CO., LTD(TFNL) TORAY INTERNATIONAL, INC. TORAY PLASTICS(AMERICA), INC. TORAY INTERNATIONAL (THAILAND) LTD. TORAY ADVANCED FILM CO., LTD. TORAY PRECISION CO. TORAY SAKAI WEAVING & DYEING TORAY INTERNATIONAL AMERICA, INC. TORAY INTERNATIONAL (SINGAPORE) PTE. LTD. YIHUA TORAY POLYESTER FILM CO., LTD. |
|
Overseas Office |
TORAY INDUSTRIES, INC. NIHONBASHI MITSUI TOWER, 1-1
NIHONBASHI-MUROMACHI, 2-CHOME, CHUO-KU, TOKYO 103-8666, JAPAN TEL:+81-3-3245-5111 FAX:+81-3-3245-5054 TORAY PLASTIC (AMERICA) INC.(TPA) 50 BELVER AVE. NORTH KINGSTOWN, RI 02852,
USA TEL:+1-401-294-4511 FAX:+1-401-294-2154 TORAY INTERNATIONAL EUROPE GMBH(TIEU) HUGENOTTENALLEE 175, 63263 NEU-ISENBURG,
GERMANY TEL:+49-6102-79990 FAX:+49-6102-7999291 TORAY POLYTECH (NANTONG) CO., LTD. NO. 56, XINKAI SOUTH ROAD, NANTONG ECONOMIC
& TECHNICAL AREA, NANTONG, JIANGSU, PR CHINA TEL:+86-513-8010-0290 FAX:+86-513-8010-0298 |
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
TORAY POLYTECH(NANTONG) CO., LTD.(TPN) (50.0% held by the subject company) TORAY POLYTECH(JAKARTA) CO., LTD.(TPJ) (65.00% held by the subject company) TAK INFORMATION SYSTEMS CO., LTD.(TIS: 110111-1369465) (67.11% held by the subject company) |
|
Corporate Ownership |
TORAY INDUSTRIES, INC. |
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
The Subject deals
with the companies in Japan, China, Germany and USA.
No.
-----
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.40 |
|
|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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%)
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risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.