|
Report No. : |
322451 |
|
Report Date : |
18.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
THE WILLBES & CO., LTD. |
|
|
|
|
Registered Office : |
76, Mannam-ro, Dongnam-gu, Cheonan-si, Chungcheongnam-do |
|
|
|
|
Country : |
Korea
South |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
03.09.1973 |
|
|
|
|
Com. Reg. No.: |
120-81-14772 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Knitted Fabric Products |
|
|
|
|
No. of Employees : |
189 |
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 |
|
|
|
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 |
THE WILLBES & CO., LTD. |
|
Registered Address |
76, Mannam-ro, Dongnam-gu, Cheonan-si,
Chungcheongnam-do, Korea (Old Address System 494-3, Sinbu-dong, Dongnam-gu,
Cheonan-si, Chungcheongnam-do, Korea) |
|
Building |
|
|
Zip Code |
330-943 |
|
Tel |
+82-41-529-5700 |
|
Fax |
+82-41-552-5503 |
|
E-mail |
roberto@willbes.com |
|
Website |
www.willbes.com |
|
Trading Address |
27, Wiryeseong-daero 22-gil, Songpa-gu,
Seoul, Korea (Old Address System : 24-2, Ogeum-dong,
Songpa-gu, Seoul, Korea) |
|
Tel |
+82-2-2146-5700 |
|
Fax |
+82-2-415-8877 |
|
Other Address-Academy |
Na Dong, Millart, 101, Sillim-ro,
Gwanak-gu, Seoul, Korea |
|
Tel |
+82-1544-1881 |
|
Fax |
|
|
Other Address-WCA |
13, Hoam-ro 26-gil, Gwanak-gu, Seoul,
Korea |
|
Tel |
+82-1544-5006 |
|
Fax |
|
|
Other Address |
167, Nam-dong, Cheoin-gu, Yongin-si,
Gyeonggi-do, Korea |
|
Tel |
+82-31-335-2252 |
|
Fax |
+82-31-335-4506 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Knitted Fabric Products |
|
Main Business |
Knitwear, Sweater, Shirts, Pants, Skirts |
|
Sub
Business |
On-line Education schools |
|
Established (mm/dd/yyyy) |
03/09/1973 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Sweaters(53101700) |
|
Buy |
Cotton fabrics(11161700) |
|
Buy |
Cotton thread(11151601) |
|
Buy |
Plain weave cotton fabrics(11161701) |
|
Name |
Jun Byung-Hyun |
|
Address |
|
|
Date of Birth |
03/03/1953 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
62,646,140,000 |
|||||||||||||||
|
Employees |
189 |
|||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange : 008600) as of 07/28/1989 |
|||||||||||||||
|
Bank Details |
Korea Development Bank Nonghyup Bank Korea Exchange Bank Kookmin Bank Hana Bank Shinhan Bank-Chungmuro Branch Woori Bank |
|||||||||||||||
|
Corporate Registered No. |
110111-0172447 |
|||||||||||||||
|
Business Registered No. |
120-81-14772 |
|||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 741620 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
03/09/1973 Incorporated as Kunja
Industries, Co., Ltd. 02/14/1997 Changed company name to Mirae & People Co., Ltd. 03/27/2009 Changed company name to the present name 12/2012 Awarded US$ 100 Mi8llion Export Top
Prize |
|||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Co-President & CEO |
Mr. |
Jun Byung-Hyun |
Korean |
1953.03.03 |
Korea University, Korea |
|
Co-President & CEO |
Mr. |
Yim Chan-Hyeok |
Korean |
1963.05.02 |
Hankuk University of Foreign Studies, Korea |
|
Sr. Executive Director |
Mr. |
Sohn Bong-Sik |
Korean |
1957.01.17 |
Korea University, Korea |
|
Executive Director |
Mr. |
Lim Min-Soo |
Korean |
1968.03.17 |
Kyungnam National University, Korea |
|
Executive Director |
Mr. |
Lee Won-Cheol |
Korean |
1967.03.28 |
Chungang University, Korea |
|
Executive Director |
Mr. |
Song Joo-Ho |
Korean |
1967.12. |
Yonsei University, Korea |
|
Outside Director |
Mr. |
Ahn Koon-Joon |
Korean |
1935.07.16 |
Kunkuk University, Korea |
|
Outside Director |
Mr. |
Seo Moon-Ho |
Korean |
1948.09.15 |
Seoul National University, Korea |
|
Outside Director |
Mr. |
Yang Jae-Sang |
Korean |
1952.09.03 |
Korea University, Korea |
|
Outside Director |
Mr. |
Kang Sung-Joo |
Korean |
1951.07. |
Universidad Nacional Mayor de San Marcos,
UNMSM, Peru |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
(*)03/2015 |
70,252,372,486 |
243,241,429,886 |
1,894,783,022 |
|
(*)2014 |
224,675,011,150 |
238,813,063,800 |
5,005,775,896 |
|
(*)2013 |
212,028,304,085 |
232,345,296,153 |
442,180,608 |
|
2012 |
198,029,791,223 |
231,396,676,858 |
1,940,267,867 |
|
2011 |
204,133,680,795 |
240,945,817,451 |
3,368,550,730 |
|
2010 |
164,618,919,230 |
237,807,756,653 |
8,429,871,083 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
300,000,000,000 |
|
Paid-Up Capital(KRW) |
62,646,140,000 |
|
Total Issued Shares |
62,646,140 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total Assets |
243,241,429,886 |
238,813,063,800 |
232,345,296,153 |
|
Current Assets |
94,046,783,612 |
90,043,968,515 |
89,105,650,783 |
|
Cash & Cash Equivalents |
708,361,290 |
248,885,476 |
489,637,673 |
|
Current Financial Instruments |
9,938,621,160 |
9,938,621,160 |
9,708,211,460 |
|
Finance Assets from this year's Income |
15,400,000 |
|
538,000,000 |
|
Trade Receivables |
47,817,740,192 |
39,656,946,964 |
31,370,238,776 |
|
Other Receivables |
4,211,775,172 |
5,895,045,413 |
6,680,924,309 |
|
Inventories |
15,100,980,396 |
16,681,244,934 |
18,021,891,482 |
|
Deferred Income Tax Assets |
67,623,450 |
67,248,250 |
1,069,048,580 |
|
Other Current Assets |
16,186,281,952 |
17,555,976,318 |
21,227,698,503 |
|
Non-Current Assets |
149,194,646,274 |
148,769,095,285 |
143,239,645,370 |
|
Non-Current Financial Instruments |
539,888,095 |
511,388,095 |
417,888,095 |
|
Other Long-Term Receivables |
40,038,126,586 |
39,736,735,000 |
39,070,400,000 |
|
Investment_Subsidiaries |
70,383,603,081 |
70,383,603,081 |
70,383,603,081 |
|
Tangibles |
24,477,059,795 |
24,637,292,236 |
21,419,036,767 |
|
Intangibles |
13,755,968,717 |
13,500,076,873 |
11,948,717,427 |
|
Total Liabilities |
70,302,281,934 |
66,593,440,559 |
64,470,954,861 |
|
Current Liabilities |
60,142,137,900 |
56,723,180,591 |
60,606,727,272 |
|
Trade Payables |
5,898,707,832 |
7,752,863,017 |
9,413,391,052 |
|
Short-Term Borrowings |
44,554,361,191 |
42,048,872,119 |
39,385,057,062 |
|
Finance Debts from this year's
Income |
|
315,000,000 |
|
|
Account Payables |
3,088,007,857 |
3,197,877,886 |
2,706,023,719 |
|
Accrued Income Tax |
607,367,541 |
|
|
|
Other Current Liabilities |
5,993,693,479 |
3,408,567,569 |
3,628,826,465 |
|
Current Portion of Long-Term Debts |
|
|
2,475,000,000 |
|
Current Portion of Debentures |
|
|
2,998,428,974 |
|
Non-Current Liabilities |
10,160,144,034 |
9,870,259,968 |
3,864,227,589 |
|
Debentures |
998,241,265 |
998,076,096 |
|
|
Confirmed Salaries |
5,042,225,741 |
4,602,339,328 |
3,491,990,803 |
|
Other Non-Current Liabilities |
2,585,318,608 |
2,656,402,151 |
240,300,000 |
|
Deferred Income Tax Credit |
1,534,358,420 |
1,613,442,393 |
131,936,786 |
|
Capital Stock |
62,646,140,000 |
62,646,140,000 |
62,646,140,000 |
|
Capital Surplus |
47,544,388,449 |
47,544,388,449 |
47,544,388,449 |
|
Others |
16,104,506,303 |
16,104,506,303 |
16,153,096,603 |
|
Profit Surplus |
46,644,113,200 |
45,924,588,489 |
41,530,716,240 |
|
Total Equity |
172,939,147,952 |
172,219,623,241 |
167,874,341,292 |
|
Liab. & Shareholder’s Equity |
243,241,429,886 |
238,813,063,800 |
232,345,296,153 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
70,252,372,486 |
224,675,011,150 |
212,028,304,085 |
|
Cost of Sold Goods |
59,810,152,404 |
193,418,798,976 |
177,377,281,977 |
|
Gross Profit |
10,442,220,082 |
31,256,212,174 |
34,651,022,108 |
|
Selling & Admin. Expenses |
-7,769,145,823 |
-27,123,098,219 |
-27,830,694,296 |
|
Operating Income |
2,673,074,259 |
4,133,113,955 |
6,820,327,812 |
|
Other Income |
22,519,236 |
2,077,331,303 |
103,355,686 |
|
Other Expenses |
-475,516,314 |
-1,004,977,683 |
-1,574,398,068 |
|
Finance Income |
1,291,168,331 |
7,800,172,335 |
6,375,794,609 |
|
Finance Expenses |
-1,037,086,646 |
-6,348,533,340 |
-10,460,854,000 |
|
Income Before Taxes |
2,474,158,866 |
6,657,106,570 |
1,264,226,039 |
|
Income Taxes Expenses |
-579,375,844 |
1,651,330,674 |
822,045,431 |
|
Net Income |
1,894,783,022 |
5,005,775,896 |
442,180,608 |
|
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 |
110,795,316 |
8,242,019,749 |
4,394,705,573 |
|
Cash Flows from Operating |
-1,894,702,448 |
6,700,250,268 |
4,346,248,061 |
|
Net Income |
1,894,783,022 |
5,005,775,896 |
442,180,608 |
|
Adjustment |
2,568,452,550 |
7,123,573,284 |
7,707,816,639 |
|
Changes in Asset/ & Liability |
-6,357,938,020 |
-5,429,098,912 |
-3,803,749,186 |
|
Interests Received |
2,237,826,866 |
1,746,761,708 |
2,360,073,421 |
|
Interests Paid |
-227,817,572 |
-1,209,555,697 |
-1,596,259,037 |
|
Income Taxes |
-4,511,530 |
1,004,563,470 |
-715,356,872 |
|
Cash Flows from Investing |
-1,463,617,630 |
-5,542,781,585 |
-1,148,288,132 |
|
Cash Inflow from Investing |
167,937,242 |
11,200,744,897 |
8,351,304,531 |
|
Cash Outflows for Investing |
-1,631,554,872 |
-16,743,526,482 |
-9,499,592,663 |
|
Cash Flows from Financing |
1,806,199,339 |
-2,956,294,822 |
-2,985,414,811 |
|
Cash Inflows from Financing |
11,607,547,333 |
40,958,761,809 |
74,519,801,074 |
|
Cash Outflows from Financing |
-9,801,347,994 |
-43,915,056,631 |
-77,505,215,885 |
|
Increase/Decrease in Cash |
453,377,025 |
-257,056,658 |
261,002,630 |
|
Cash at the Beginning of Year |
248,885,476 |
489,637,673 |
230,033,248 |
|
Cash at the End of Year |
708,361,290 |
248,885,476 |
489,637,673 |
|
Main Products & Services |
Fabric Products Education Business Knitwear, Sweater, Shirts, Pants, Skirts by
OEM(original equipment manufacturer) |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
BROS EASTERN HUAFU H.K COMPANY |
|
Customers |
TARGET OLD NAVY WAL-MART |
|
Competitors |
HANSAE CO., LTD. 5FL., JUNGWOO BLDG., 29, EUNHAENG-RO,
YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-3779-0779 FAX:+82-2-3779-5599 NOBLAND INTERNATIONAL INC. 197-15, GARAK 2-DONG, SONGPA-GU, SEOUL,
KOREA TEL:+82-2-405-5700 FAX:+82-2-405-5836 KUKDONG CORPORATION KUKDONG BLDG., 229-3, YONGDAP-DONG,
SEONGDONG-GU, SEOUL, KOREA TEL:+82-2-3407-7727 FAX:+82-2-2243-7785 |
|
Affiliates |
MIRAENET CO., LTD.(110111-1393109) (50.01% held by the subject company) WILLBES EDU CO., LTD.(110111-4555045) (100.00% held by the subject company) THE WILLBES DOMINICANA INC. (100.00% held by the subject company) ZONA FRANCE DE BARAHONA P.O.BOX 140, REPUBLICA DOMINICANA GALAXY INDUSTRIAL S.A.DE.C.V. (100.00% held by the subject company) PARQUE INDUSTRIAL GALAXY, COLONIA SAN MIGUEL, CHOLOMA CORTES,
HONDURAS. C.A WEIHAI JUNLI GARMENT CO., LTD. (100.00% held by the subject company) LIUJIATAI, WENQUAN, WEIHAI, SHAN DONG, CHINA WEIHAI JUNYANG TRADE CO.,LTD LIUJIATAI, WENQUAN, WEIHAI, SHAN DONG, CHINA THE WILLBES HAITIAN S.A. BLDG #42 SONAPI, ROUTE DE L'AEROPORT, PORT-AU-PRINCE, HAITI THE WILLBES (CAMBODIA) & CO., LTD. (100.00% held by the subject company) VILLAGE OF DAMNAC TRA YEOUNG, SANGKAT CHORM CHAO, DISTRICT OF DANKOR,
PHNOM PHEN, CAMBODIA COLUMBUS APPAREL(CAMBODIA) INC. (100.00% held by the subject company) PHUM TRAM DAUK, SANGKAT PONGTEUK, KHAN DANGKOR, PHNOM PENH, CAMBODIA PT. WILLBES GLOBAL (100.00% held by the subject company) JL.RAYA PUNWADADI NO.23 DUSAN SIDAMUKTI DESA PURWADADI KEL. PURWADADI,
SUBANG, INDONESIA |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
|
|
Sales/ Unit : KRW |
03/2015 |
2014 |
2013 |
|
Export |
62,218,758,575 |
191,685,727,822 |
177,056,294,750 |
|
Domestic |
8,033,613,911 |
32,989,283,328 |
34,972,009,335 |
|
Total |
70,252,372,486 |
224,675,011,150 |
212,028,304,085 |
The Subject deals
with the companies in USA and Europe.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.58 |
|
|
1 |
Rs.100.30 |
|
Euro |
1 |
Rs.72.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
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.