|
Report No. : |
326467 |
|
Report Date : |
09.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
TAIHAN FIBER
OPTICS CO., LTD. |
|
|
|
|
Registered Office : |
49, Jangjagol-ro, Danwon-gu, Ansan-si, Gyeonggi-do, Korea 425-833, 20B-4L Bonwol Industrial Complex |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
02.09.1974 |
|
|
|
|
Com. Reg. No.: |
123-81-03459 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Optical Lens and Elements |
|
|
|
|
No. of Employees : |
215 |
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 : |
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 |
TAIHAN FIBER
OPTICS CO., LTD. (Korean Company
Name : “대한광통신(주)”) |
|
Registered Address |
49, Jangjagol-ro, Danwon-gu, Ansan-si,
Gyeonggi-do, Korea |
|
Building |
20B-4L Bonwol Industrial Complex |
|
Zip Code |
425-833 |
|
Tel |
+82-31-489-5113~4 |
|
Fax |
+82-31-489-5173 |
|
E-mail |
sswo@taihan.com |
|
Website |
www.tfo.co.kr |
|
Trading Address |
20B-4L Bonwol Industrial Complex, 49,
Jangjagol-ro, Danwon-gu, Ansan-si, Gyeonggi-do, Korea (Old Address System : 20B-4L Bonwol
Industrial Complex, 603-4, Seonggok-dong, Danwon-gu, Ansan-si, Gyeonggi-do,
Korea) |
|
Tel |
+82-31-489-5113~4 |
|
Fax |
+82-31-489-5173 |
|
Other Address-Anyang Branch |
23FL., G Square Bldg., 180, Simin-daero,
Dongan-gu, Anyang-si, Gyeonggi-do, Korea (Old Address System : 23FL., G Square
Bldg., 1039, Beomgye-dong, Dongan-gu, Anyang-si, Gyeonggi-do, Korea) |
|
Tel |
+82-31-489-5173 |
|
Fax |
+82-31-491-1555 |
|
Other Address |
194-15, Hoehyeon-dong 1-ga, Jung-gu, Seoul,
Korea |
|
Tel |
+82-2-316-9247 |
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Optical Lens and Elements |
|
Main Business |
Optical Fiber |
|
Sub
Business |
Research and Experimental Development On Medical Sciences and Pharmacy |
|
Established (mm/dd/yyyy) |
09/02/1974 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Glass fibers(11151512) |
|
Name |
Kim Young-Kwan |
|
Address |
|
|
Date of Birth |
07/07/1965 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
23,481,036,500 |
|||||||||||||||||||||
|
Employees |
215 |
|||||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 010170) as of 11/07/1994 Foreign Direct Investment Corporation A Company of TAIHAN ELECTRIC WIRE GROUP |
|||||||||||||||||||||
|
Bank Details |
Shinhan Bank-Anyang Branch Korea Development Bank Nonghyup Bank Korea Exchange Bank |
|||||||||||||||||||||
|
Corporate Registered No. |
134111-0003545 |
|||||||||||||||||||||
|
Business Registered No. |
123-81-03459 |
|||||||||||||||||||||
|
Permit & Licenses |
04/2004 ISO 9001 11/2009 NET Int’l Trade No.: 301314 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
09/02/1974 Incorporated as Taihan Factory
Co., Ltd. 07/20/2000 Changed company name to OPTOMAGIC CO.,
LTD. 07/31/2007 Moved to the present HQ address 12/19/2011 Acquired Optic Business from TAIHAN ELECTRIC WIRE CO., LTD.(110111-0035835) 03/23/2012 Changed company name to the present name |
|||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Date of Birth |
|
President & CEO |
Mr. |
Kim Young-Kwan |
Male |
Korean |
1965.07.07 |
|
Director |
Mr. |
Sohn Kwan-Ho |
Male |
Korean |
1948.04. |
|
Executive Director |
Mr. |
Kim Sung-Jin |
Male |
Korean |
1961.10. |
|
Outside Director |
Mr. |
Jung Keun-Mo |
Male |
Korean |
1939.12. |
|
Outside Director |
Mr. |
Won Cheol |
Male |
Korean |
1959.12. |
|
Auditor |
Mr. |
You Tae-Kil |
Male |
Korean |
1949.12. |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
(*)03/2015 |
23,090,622,265 |
154,589,240,836 |
-2,068,428,811 |
|
(*)2014 |
106,097,893,996 |
158,181,681,711 |
-27,116,725,248 |
|
(*)2013 |
106,410,075,467 |
183,762,057,777 |
-33,882,532,071 |
|
(*)2012 |
101,728,662,281 |
212,142,160,577 |
-4,473,477,241 |
|
2011 |
66,721,071,208 |
189,292,271,015 |
-556,637,018 |
|
2010 |
58,904,322,845 |
189,292,271,015 |
-13,839,725,012 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
100,000,000,000 |
|
Paid-Up Capital(KRW) |
23,481,036,500 |
|
Total Issued Shares |
46,962,073 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total
Assets |
154,589,240,836 |
158,181,681,711 |
183,762,057,777 |
|
Current Assets |
54,971,476,600 |
57,360,329,525 |
52,597,087,879 |
|
Cash
& Cash Equivalents |
1,945,305,501 |
2,076,218,904 |
1,200,120,637 |
|
Trade
Receivables |
29,885,738,462 |
30,231,775,170 |
27,767,283,234 |
|
Other
Receivables |
1,456,872,645 |
3,459,070,719 |
5,433,739,225 |
|
Advance
Payments |
242,878,756 |
373,934,847 |
464,112,656 |
|
Prepaid
Expenses |
67,651,148 |
94,882,121 |
146,113,083 |
|
Held-to-Maturity
Financial Assets |
|
|
100,000,000 |
|
Inventories |
21,373,030,088 |
21,124,447,764 |
17,485,719,044 |
|
Non-Current Assets |
99,617,764,236 |
100,821,352,186 |
131,164,969,898 |
|
Other Receivables |
475,374,710 |
620,752,720 |
2,563,420,064 |
|
Marketable
Financial Instruments |
6,023,361,086 |
6,023,361,086 |
28,715,361,086 |
|
Held-to-Maturity
Financial Assets |
308,010,000 |
308,010,000 |
|
|
Tangibles |
89,941,865,872 |
90,934,329,651 |
97,597,991,765 |
|
Intangibles |
889,441,566 |
941,750,775 |
241,301,219 |
|
Investment_Real
Estates |
1,979,711,002 |
1,993,147,954 |
2,046,895,764 |
|
Total Liabilities |
82,118,912,358 |
83,642,924,422 |
82,068,196,001 |
|
Current Liabilities |
74,035,585,102 |
75,760,270,304 |
56,535,820,931 |
|
Trade Payables |
13,795,526,916 |
14,486,518,956 |
17,282,340,643 |
|
Other
Current Financial Debts |
33,881,452,508 |
35,723,996,111 |
29,478,145,090 |
|
Other Payables |
5,891,662,432 |
5,597,205,017 |
7,427,849,878 |
|
Advance
Receipts |
718,057,192 |
21,290,732 |
358,551,273 |
|
Other
Current Financial Debts |
|
|
1,064,266,184 |
|
Other
Current Liabilities |
19,748,886,054 |
19,352,997,209 |
691,849,079 |
|
Accrued
Income Tax |
|
578,262,279 |
232,818,784 |
|
Non-Current Liabilities |
8,083,327,256 |
7,882,654,118 |
25,532,375,070 |
|
Other
Non-Current Financial Debts |
|
0 |
521,941,744 |
|
Non-Current
Debentures |
|
0 |
17,869,278,982 |
|
Provision
for Severance & Retirement |
2,815,050,269 |
2,635,965,195 |
1,894,465,421 |
|
Deferred
Income Tax Credit |
5,246,688,923 |
5,246,688,923 |
5,246,688,923 |
|
Non-Current
Provisions |
21,588,064 |
|
|
|
Capital Stock |
23,481,036,500 |
23,481,036,500 |
23,481,036,500 |
|
Capital
Surplus |
76,043,242,014 |
76,043,242,014 |
77,907,604,951 |
|
Capital
Adjustment |
2,117,823,766 |
2,117,823,766 |
2,117,823,766 |
|
Profit
Surplus |
-29,171,773,802 |
-27,103,344,991 |
-1,812,603,441 |
|
Total
Equity |
72,470,328,478 |
74,538,757,289 |
101,693,861,776 |
|
Liab.
& Shareholder’s Equity |
154,589,240,836 |
158,181,681,711 |
183,762,057,777 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
23,090,622,265 |
106,097,893,996 |
106,410,075,467 |
|
Cost
of Sold Goods |
21,531,899,605 |
93,790,588,652 |
95,288,858,662 |
|
Gross
Profit |
1,558,722,660 |
12,307,305,344 |
11,121,216,805 |
|
Selling
& Admin. Expenses |
3,299,378,190 |
11,304,860,665 |
10,336,329,256 |
|
Operating
Income |
-1,740,655,530 |
1,002,444,679 |
784,887,549 |
|
Non-Operating
Profits |
-892,228,373 |
-27,119,680,604 |
-35,878,448,902 |
|
Other
Income |
1,153,284,144 |
1,938,855,705 |
2,912,469,395 |
|
Other
Expenses |
-911,200,141 |
-2,288,117,356 |
-6,411,767,117 |
|
Finance
Income |
5,936,529 |
31,839,421 |
103,290,677 |
|
Finance
Expenses |
-1,140,248,905 |
-26,802,258,374 |
-32,482,441,857 |
|
Income
Before Taxes |
-2,632,883,903 |
-26,117,235,925 |
-35,093,561,353 |
|
Income
Taxes Expenses |
-564,455,092 |
999,489,323 |
-1,320,429,256 |
|
Income
from Continuous Business |
-2,068,428,811 |
-27,116,725,248 |
-33,773,132,097 |
|
Income
from Stopped Business |
|
|
-109,399,974 |
|
Net
Income |
-2,068,428,811 |
-27,116,725,248 |
-33,882,532,071 |
|
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 |
1,831,506,771 |
-1,874,574,972 |
3,197,104,414 |
|
Net Income |
-2,068,428,811 |
-27,116,725,248 |
-33,882,532,071 |
|
Adjustment |
2,608,059,315 |
35,383,842,502 |
43,142,171,032 |
|
Changes in Asset/ & Liability |
1,999,363,871 |
-7,030,930,284 |
-2,634,545,168 |
|
Interests Received |
5,097,919 |
84,135,960 |
88,667,698 |
|
Interests Paid |
-698,026,366 |
-2,551,676,988 |
-2,983,891,404 |
|
Income Taxes |
-14,559,157 |
-643,220,914 |
-532,765,673 |
|
Cash Flows from Investing |
-90,367,076 |
-1,261,978,983 |
3,840,492,185 |
|
Cash Flows from Financing |
-1,859,750,061 |
3,995,576,391 |
-8,391,897,826 |
|
Increase/Decrease in Cash |
-130,913,403 |
876,098,267 |
-1,344,106,100 |
|
Cash at the Beginning of Year |
2,076,218,904 |
1,200,120,637 |
2,544,226,737 |
|
Cash at the End of Year |
1,945,305,501 |
2,076,218,904 |
1,200,120,637 |
|
Main Products & Services |
Optical Fiber |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
KOREA ELECTRIC POWER CORPORATION(114671-0001456) SK TELECOM CO., LTD.(110111-0371346) KT CORPORATION(110111-1468754) |
|
Competitors |
PDK RM. 526, HANSIN S-MECA, 1359,
GWANPYEONG-DONG, YUSEONG-GU, DAEJEON, KOREA TEL:+82-42-862-6880 FAX:+82-42-862-6881 LS MECAPION CO., LTD. 8-4, HORIM-DONG, DALSEO-GU, DAEGU, KOREA TEL:+82-53-593-0066 FAX:+82-53-591-8614 HEIDENHAIN KOREA LTD. RM. 202, NAMSUNG PLAZA(ACE 9-CHA), 345-30,
GASAN-DONG, GEUMCHEON-GU, SEOUL, KOREA TEL:+82-2-2028-7455 FAX:+82-2-2028-7456 |
|
Affiliates-Domestic |
DK ENC CO., LTD.(110111-3250349) DAEKYUNG MACHINERY & ENGINEERING CO.,
LTD.(181211-0002275) TAIHAN ELECTRIC
WIRE CO., LTD.(110111-0035835) DAE CHUNG CO., LTD.(161511-0002140 ) PAN-GYO 1ST FERCILITIES LAND DEVELOPMENT
PFV CO., LTD.(110111-3873000) TEC&R CO., LTD.(110111-3891177) TAI HAN BULK TERMINAL CO.,
LTD.(120111-00074360 KOREA INDUSTRIAL INVESTMENT
CORPORATION(110111-0511083) TAIHAN REACH CO., LTD.(110111-2306531) TAIHAN SYSTEMS CO., LTD.(170111-0123688) TEC NETWORKS CO., LTD.(110111-3208025) TAIHAN ST CO., LTD.(131411-0191529 ) DASAN SOLAR GENERATION CO.,
LTD.(205311-0004220) DAIMYUNG TMS CO., LTD.(110111-0803141) TEC CONSTRUCTION CO., LTD.(110111-0018203) ALDEX NETWORKS CO., LTD.(124611-0284600) SJD CO., LTD.(110111-1539349) TEC MEDIA CO., LTD.(110111-3927625) NT DEVELOPMENT 1 CO., LTD.(110111-3934703) DOK-SAN 1ST COMMERCIAL-RESIDENTIAL BUILDING
DEVELOPMENT PFV CO., LTD.(110111-3959115) |
|
Affiliates-Overseas |
TSC COMPANY,LTD TAIHAN GLOBAL HOLDINGS CONGO KOREA TELECOM TAIHAN GLOBAL LUXEMBOURG INVESTMENTS BULACE INVESTMENT LIMITED SILKROAD TELECOM PTE LTD CHEMIZON(BEIJING),LTD ALDEX CANADA, INC. T.E.USA CO., LTD |
|
Joint Venture |
|
|
Subsidiary |
TAIHAN FIBEROPTICS AMERICA INC.(NEX JERSEY,USA) |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
|
|
Sales/ Unit :Mil
KRW |
03/2014 |
2013 |
2012 |
|
Export |
11,878 |
55,149 |
61,631 |
|
Domestic |
10,430 |
51,260 |
40,098 |
|
Total |
22,308 |
106,409 |
101,729 |
The Subject exports
to South Africa, Asia and China.
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
Seoul Central District Court |
SSCP Co., Ltd.(134111-0011928) |
The Subject Company |
Trade Receivables |
1,262,895,000 |
Proceeding |
|
|
Seoul High Court |
UW 7th Securitization Specialty Co., Ltd.(110114-0126480) |
The Subject Company |
Other Receivables |
300,000,000 |
Proceeding |
|
|
Incheon District Court |
The Subject Company |
Korea Environment Corporation |
Cancellation on Penalties |
260,980,000 |
Proceeding |
-------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.11 |
|
|
1 |
Rs.97.84 |
|
Euro |
1 |
Rs.71.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
SAN |
|
|
|
|
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.