|
Report No. : |
327051 |
|
Report Date : |
12.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
MASTEX INC. |
|
|
|
|
Registered Office : |
Rm.802, Halla Eco Valley, 25, Ttukseom-ro 1-gil, Seongdong-gu, Seoul 133-821 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
09.01.1999 |
|
|
|
|
Com. Reg. No.: |
120-81-85786 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Underwear and Night Clothes |
|
|
|
|
No of Employees : |
32 |
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 Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
Basic
|
Company Name |
MASTEX INC. (Korean Company Name : “(주)매스텍스”) |
|
Registered Address |
25, Ttukseom-ro 1-gil, Seongdong-gu, Seoul, Korea |
|
Building |
Rm.802, Halla Eco Valley |
|
Zip Code |
133-821 |
|
Tel |
+82-2-589-5900 |
|
Fax |
+82-2-589-5938 |
|
E-mail |
katy@mastex-inc.com |
|
Website |
|
|
Trading
Address |
Rm.802, Halla Eco Valley, 25, Ttukseom-ro
1-gil, Seongdong-gu, Seoul, Korea (Old Address System : Rm.802, Halla Eco Valley, 656-36,
Seongsu1-ga1-dong, Seongdong-gu, Seoul, Korea) |
|
Tel |
+82-2-589-5900 |
|
Fax |
+82-2-589-5938 |
|
Other
Address |
|
|
Tel |
|
|
Fax |
|
|
Type |
Export |
|
Industry |
Manufacture
of Underwear and Night Clothes |
|
Main Business |
Womens
Underwear, Polyester Fabrics, Nylon Fabrics, Knit Fabrics, Buying Office
Business |
|
Sub
Business |
Weaving
of Man-Made Fiber Fabrics |
|
Established (mm/dd/yyyy) |
01/09/1999 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Underpants(53102303) |
|
Sell |
Womens pajamas or nightshirts or robes(53102604) |
|
Buy |
Buttons(53141505) |
|
Buy |
Synthetic fabrics(11161800) |
|
Buy |
Fabrics and leather materials(11160000) |
|
Buy |
Cotton(11121802) |
CEO’s
|
Name |
Kim
Sung-Min |
|
Address |
Suite C-3101, 100, Jeongjail-ro,
Bundang-gu, Seongnam-si, Gyeonggi-do, Korea |
|
Date of Birth |
09/26/1956 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
100,000,000 |
|||||||||
|
Employees |
32 |
|||||||||
|
Formation |
Co.,
Ltd by Shares |
|||||||||
|
Bank Details |
Shinhan Bank-Yangjae Dong Branch |
|||||||||
|
Corporate Registered No. |
110111-1631129 |
|||||||||
|
Business Registered No. |
120-81-85786 |
|||||||||
|
Permit & Licenses |
Int’l
Trade No.: 11634887 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
01/09/1999 Incorporated as the present name 03/26/2001 Moved to 8th Fl., Taeseok
Bldg., 275-5, Yangjae 2-dong, Seocho-gu, Seoul, Korea from 945-1, Daechi-dong, Gangnam-gu, Seoul, Korea 10/25/2012 moved to the present HQ address from 8th Fl., Taeseok
Bldg., 275-5, Yangjae 2-dong, Seocho-gu, Seoul, Korea |
|||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President
& CEO |
Mr. |
Kim
Sung-Min |
Male |
Korean |
01/09/1999 |
|
Director |
M/S. |
Park Kyung-Shin |
Female |
Korean |
01/28/2011 |
Financials
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
32,865,795,793 |
14,043,840,208 |
2,063,791,425 |
|
|
2013 |
31,734,814,642 |
10,791,075,704 |
2,552,312,471 |
|
2012 |
31,927,000,000 |
9,302,000,000 |
1,616,000,000 |
|
2011 |
35,841,000,000 |
8,177,000,000 |
2,038,000,000 |
|
2010 |
31,791,507,000
|
4,562,881,000
|
1,823,131,000
|
|
2009 |
22,037,821,000
|
2,757,875,000
|
1,106,208,000
|
|
2008 |
13,276,938,000
|
2,459,790,000
|
139,506,000
|
Financial
Description
|
Authorized Capital(KRW) |
400,000,000 |
|
Paid-Up Capital(KRW) |
100,000,000 |
|
Total Issues 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 |
14,043,840,208 |
10,791,075,704 |
9,302,000,000 |
|
Current Assets |
10,369,525,829 |
7,126,042,542 |
5,915,000,000 |
|
-Quick
Assets |
10,173,584,919 |
6,894,208,348 |
- |
|
-Inventories |
195,940,910 |
231,834,194 |
- |
|
Fixed
Assets |
3,674,314,379 |
3,665,033,162 |
3,387,000,000 |
|
-Investment |
472,099,190 |
274,982,750 |
- |
|
-Tangibles |
3,092,084,189 |
3,201,612,782 |
- |
|
-Intangibles |
|
|
- |
|
-Others |
110,131,000 |
188,437,630 |
|
|
Total Liabilities |
3,038,684,766 |
1,508,258,913 |
2,572,000,000 |
|
Current Liabilities |
3,038,684,766 |
1,508,258,913 |
2,572,000,000 |
|
Fixed Liabilities |
|
|
- |
|
Capital Stock |
100,000,000 |
100,000,000 |
133,000,000 |
|
Capital Surplus |
|
|
- |
|
Profit Surplus |
10,905,155,442 |
9,182,816,791 |
- |
|
Capital Adjustment |
|
|
- |
|
Total Equity |
11,005,155,442 |
9,282,816,791 |
6,730,000,000 |
|
Liab. & Shareholder’s Equity |
14,043,840,208 |
10,791,075,704 |
9,302,000,000 |
|
Current
Liabilities |
3,038,684,766 |
1,508,258,913 |
|
|
Trade Payables |
2,430,044,434 |
1,323,065,395 |
|
|
Account Payables |
503,022,451 |
74,181,814 |
|
|
Withholdings |
96,326,140 |
85,216,302 |
|
|
Advance Receipts |
9,291,741 |
25,795,402 |
- |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2014 |
As of 12/31/2013 |
As of
12/31/2012 |
|
Sales |
32,865,795,793 |
31,734,814,642 |
31,927,000,000 |
|
Cost of Sold Goods |
25,500,811,772 |
24,929,028,592 |
27,058,000,000 |
|
Gross Profit |
7,364,984,021 |
6,805,786,050 |
4,869,000,000 |
|
Selling & Admin. Expenses |
4,602,831,898 |
4,124,723,254 |
3,664,000,000 |
|
Operating Income |
2,762,152,123 |
2,681,062,796 |
1,205,000,000 |
|
Non-Operating Income |
618,187,773 |
519,863,081 |
1,131,000,000 |
|
Non-Operating Expenses |
782,115,969 |
449,263,256 |
544,000,000 |
|
Income Before Taxes |
2,598,223,927 |
2,751,662,621 |
1,792,000,000 |
|
Income Taxes Expenses |
534,432,502 |
199,350,150 |
176,000,000 |
|
Net Income |
2,063,791,425 |
2,552,312,471 |
1,616,000,000 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of
12/31/2014 |
As of
12/31/2013 |
As of
12/31/2012 |
|
Cash Flows from Operating |
2,036,450,366 |
3,727,345,953 |
|
|
-Net Income |
2,063,791,425 |
2,552,312,471 |
|
|
-Exp. without Cash Outflow |
281,334,776 |
273,352,446 |
|
|
-Revenue without Cash Inflows |
-293,538,475 |
-23,933,556 |
|
|
-Changes in Asset/ & Liability |
-15,137,360 |
925,614,592 |
|
|
Cash Flows from Investing |
-138,522,578 |
-743,445,073 |
|
|
-Cash Inflow from Investing |
200,000,000 |
8,233,727 |
|
|
-Cash Outflows for Investing |
-338,522,578 |
-751,678,800 |
|
|
Increase/Decrease in Cash |
1,897,927,788 |
2,983,900,880 |
|
|
Cash at the Beginning of Year |
4,547,207,264 |
1,563,306,384 |
|
|
Cash at the End of Year |
6,445,135,052 |
4,547,207,264 |
|
|
Main Products & Services |
Womens
Underwear, Polyester Fabrics, Nylon Fabrics, Knit Fabrics, Buying Office
Business |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
Major
Department store & Specialty store buyers in USA |
|
Competitors |
SSANGBANGWOOL &
TRYGROUP(110111-3891169) GOOD PEOPLE CO., LTD.(110111-0939326) BYC CO., LTD.(110111-0005995) 1104-1, DAERIM 2-DONG, YEONGDEUNGPO-GU, SEOUL,
KOREA TEL:+82-2-840-3114 FAX:+82-2-840-3193 |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.89 |
|
|
1 |
Rs. 98.89 |
|
Euro |
1 |
Rs. 72.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.