|
Report No. : |
325945 |
|
Report Date : |
04.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
TTS
INTERNATIONAL CORP. |
|
|
|
|
Registered Office : |
160-1, Daebu-gil, Gangseo-gu, Busan, Korea, 618-802 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
18.04.2001 |
|
|
|
|
Com. Reg. No.: |
180111-0358994 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Tubes and Pipes of Cast Iron or Cast Steel |
|
|
|
|
No. of Employees : |
35 |
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 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, and is currently the world's 12th
largest economy. 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 sluggish growth because of external market slowdowns. 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.
|
Source
: CIA |
|
Company Name |
TTS
INTERNATIONAL CORP. (Korean Company
Name : “(주)티티에스”) |
|
Registered Address |
160-1, Daebu-gil, Gangseo-gu, Busan, Korea |
|
Building |
|
|
Zip Code |
618-802 |
|
Tel |
+82-51-832-9977~9 |
|
Fax |
+82-51-832-9988 |
|
E-mail |
webmaster@ttsi.co.kr;ttsi@korea.com |
|
Website |
www.ttsi.co.kr |
|
Trading Address |
160-1, Daebu-gil, Gangseo-gu, Busan, Korea (Old Address System : 4037-1,
Gangdong-dong, Gangseo-gu, Busan, Korea) |
|
Tel |
+82-51-832-9977~9 |
|
Fax |
+82-51-832-9988 |
|
Other Address-2nd Factory |
47, Singman-ro 247beon-gil, Gangseo-gu,
Busan, Korea |
|
Tel |
|
|
Fax |
|
|
Type |
Export |
|
Industry |
Manufacture of Tubes and Pipes of Cast Iron or Cast Steel |
|
Main Business |
Copper & Copper Alloys Pipe, Tube, Fitting, Flange |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
04/18/2001 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Pipe fittings(40142300) |
|
Sell |
Pipe flanges(40142400) |
|
Sell |
Forgings(31130000) |
|
Name |
Seok Jung-Ho |
|
Address |
Suite 302-801, 51, Myeongji ocean city
11-ro, Gangseo-gu, Busan, Korea |
|
Date of Birth |
10/06/1961 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
200,000,000 |
||||||||||||
|
Employees |
35 |
||||||||||||
|
Formation |
Co., Ltd by Shares |
||||||||||||
|
Bank Details |
Kookmin Bank-Guoijung Station Branch Industrial Bank of Korea |
||||||||||||
|
Corporate Registered No. |
180111-0358994 |
||||||||||||
|
Business Registered No. |
603-81-45182 |
||||||||||||
|
Permit & Licenses |
N/A |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
11/02/2000 Established as TTS INTERNATIONAL(Sole Proprietorship) 04/18/2001 Incorporated as
the present name 05/07/2007 Designated as a Venture Business 11/23/2011 Increased the authorized shares
to 300,000 shares from 20,000 shares 11/24/2011 Increased capital to 200,000,000
KRW from 50,000,000 KRW 03/02/2012 Designated as a Venture Business
again |
||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Seok Jung-Ho |
Male |
Korean |
04/27/2004 |
|
Director |
M/S. |
Choi Kyung-Ae |
Female |
Korean |
04/27/2007 |
|
Auditor |
Mr. |
Park Ki-Hwan |
Male |
Korean |
02/25/2014 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2014 |
9,052,028,450 |
15,608,050,821 |
317,735,108 |
|
2013 |
8,415,392,343 |
11,839,101,430 |
378,718,470 |
|
2012 |
9,549,000,000 |
7,388,000,000 |
433,000,000 |
|
2011 |
8,919,000,000 |
6,163,000,000 |
360,000,000 |
|
2010 |
5,127,000,000 |
4,566,000,000 |
103,000,000 |
|
2009 |
4,286,000,000 |
5,087,000,000 |
93,000,000 |
|
2008 |
7,058,000,000 |
4,331,000,000 |
436,000,000 |
|
Authorized Capital(KRW) |
3,000,000,000 |
|
Paid-Up Capital(KRW) |
200,000,000 |
|
Total Issued Shares |
20,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
15,608,050,821 |
11,839,101,430 |
7,388,000,000 |
|
Current Assets |
5,998,020,192 |
6,314,615,023 |
4,251,000,000 |
|
-Quick Assets |
2,639,184,446 |
2,967,752,773 |
- |
|
-Inventories |
3,358,835,746 |
3,346,862,250 |
- |
|
Fixed Assets |
9,610,030,629 |
5,524,486,407 |
3,137,000,000 |
|
-Investment |
353,535,231 |
220,051,217 |
- |
|
-Tangibles |
9,080,202,548 |
5,138,142,340 |
- |
|
-Intangibles |
|
|
- |
|
-Others |
176,292,850 |
166,292,850 |
|
|
Total Liabilities |
11,390,487,183 |
9,444,204,558 |
5,184,000,000 |
|
Current Liabilities |
4,108,032,629 |
7,229,942,026 |
5,184,000,000 |
|
Fixed Liabilities |
7,282,454,554 |
2,214,262,532 |
- |
|
Capital Stock |
200,000,000 |
200,000,000 |
200,000,000 |
|
Capital Surplus |
|
|
- |
|
Profit Surplus |
2,512,631,980 |
2,195,243,206 |
- |
|
Capital Adjustment |
1,504,931,658 |
-346,334 |
- |
|
Total Equity |
4,217,563,638 |
2,394,896,872 |
2,204,000,000 |
|
Liab. & Shareholder’s Equity |
15,608,050,821 |
11,839,101,430 |
7,388,000,000 |
|
Current Liabilities |
4,108,032,629 |
7,229,942,026 |
|
|
Short-Term Borrowings |
3,160,000,000 |
6,419,458,213 |
|
|
Trade Payables |
359,884,420 |
663,843,680 |
|
|
Account Payables |
13,903,777 |
15,819,993 |
|
|
Advance Receipts |
40,633,392 |
54,558,310 |
|
|
Withholdings |
3,508,280 |
3,075,800 |
|
|
Accrued Expenses |
114,248,206 |
73,186,030 |
|
|
Accrued Income Tax |
56,654,554 |
- |
|
|
Current Portion of Long-Term Debts |
359,200,000 |
- |
|
|
Fixed Liabilities |
7,282,454,554 |
2,214,262,532 |
|
|
Long-Term Borrowings |
7,213,800,000 |
2,182,311,000 |
|
|
Provision for Severance & Retirement |
290,179,571 |
217,705,646 |
|
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
9,052,028,450 |
8,415,392,343 |
9,549,000,000 |
|
Cost of Sold Goods |
7,843,019,017 |
7,242,969,838 |
8,421,000,000 |
|
Gross Profit |
1,209,009,433 |
1,172,422,505 |
1,128,000,000 |
|
Selling & Admin. Expenses |
701,433,234 |
455,076,243 |
414,000,000 |
|
Operating Income |
507,576,199 |
717,346,262 |
714,000,000 |
|
Non-Operating Income |
302,331,015 |
88,539,877 |
93,000,000 |
|
Non-Operating Expenses |
371,021,112 |
345,172,193 |
314,000,000 |
|
Income Before Taxes |
438,886,102 |
460,713,946 |
493,000,000 |
|
Income Taxes Expenses |
121,150,994 |
81,995,476 |
60,000,000 |
|
Net Income |
317,735,108 |
378,718,470 |
433,000,000 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Cash Flows from Operating |
-572,483,879 |
-1,469,188,803 |
|
|
-Net Income |
317,735,108 |
378,718,470 |
|
|
-Exp. without Cash Outflow |
233,060,443 |
239,155,946 |
|
|
-Revenue without Cash Inflows |
-5,696,773 |
-13,747,143 |
|
|
-Changes in Asset/ & Liability |
-1,117,582,657 |
-2,073,316,076 |
|
|
Cash Flows from Investing |
-2,392,538,926 |
-3,035,568,477 |
|
|
-Cash Inflow from Investing |
1,227,539,920 |
653,429,808 |
|
|
-Cash Outflows for Investing |
-3,620,078,846 |
-3,688,998,285 |
|
|
Cash Flows from Financing |
2,131,230,787 |
3,923,337,213 |
|
|
-Cash Inflows from Financing |
4,877,689,000 |
5,860,983,213 |
|
|
-Cash Outflows from Financing |
-2,746,458,213 |
-1,937,646,000 |
|
|
Increase/Decrease in Cash |
-833,792,018 |
-581,420,067 |
|
|
Cash at the Beginning of Year |
1,226,141,035 |
1,807,561,102 |
|
|
Cash at the End of Year |
392,349,017 |
1,226,141,035 |
|
|
Main Products & Services |
Copper & Copper Alloys Pipe, Tube, Fitting, Flange |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
Competitors |
METAL KOREA CO., LTD. 801, JINYEONG-RI, JINYEONG-EUP, GIMHAE-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-51-919-6954 FAX:+82-51-919-6957 HAN SHIN METAL CO. 651-58, EOMGUNG-DONG, SASANG-GU, BUSAN,
KOREA TEL:+82-51-305-2240 FAX:+82-51-305-2243 HANDOK METAL CO. 416-1, SINPYEONG 2-DONG, SAHA-GU, BUSAN,
KOREA TEL:+82-51-206-1968 FAX:+82-51-202-0030 |
|
Cooperative Enterprise |
-Insured Company HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) |
The Subject exports
to Taiwan and China.
No.
--------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.85 |
|
|
1 |
Rs.98.12 |
|
Euro |
1 |
Rs.71.28 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.