|
Report No. : |
339846 |
|
Report Date : |
05.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
YOUNGJIN FLEX
CO., LTD. |
|
|
|
|
Registered Office : |
181, Okgucheonseo-ro, Siheung-si,
Gyeonggi-do, Korea, 15088, 1Da-503, Sihwa Industrial
Complex |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
27.12.1999 |
|
|
|
|
Com. Reg. No.: |
130-81-64279 |
|
|
|
|
Legal Form : |
Co., Ltd By Shares Venture Business |
|
|
|
|
Line of Business : |
Manufacture of Pipes and Tubes, of Non-cast Iron or Steel. |
|
|
|
|
No. of Employees : |
93 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. 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 slow growth due to sluggish domestic consumption and investment.
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. In an effort to address the long term challenges and sustain economic
growth, the current government has prioritized structural reforms,
deregulation, promotion of entrepreneurship and creative industries, and the
competitiveness of small and medium enterprises.
|
Source
: CIA |
|
Company Name |
YOUNGJIN FLEX
CO., LTD. (Korean Company
Name : “(주)영진플렉스”) |
|
Registered Address |
181, Okgucheonseo-ro, Siheung-si,
Gyeonggi-do, Korea |
|
Building |
1Da-503, Sihwa Industrial Complex |
|
Zip Code |
15088 |
|
Tel |
+82-31-432-9741~4 |
|
Fax |
+82-31-432-9745 |
|
E-mail |
webmaster@yjflex.com;yj1991@yjflex.com |
|
Website |
www.yjflex.com |
|
Trading Address |
1Da-503, Sihwa Industrial Complex, 181, Okgucheonseo-ro,
Siheung-si, Gyeonggi-do, Korea (Old Address System : 1Da-503, Sihwa
Industrial Complex, 1251-2, Jeongwang 3-dong, Siheung-si, Gyeonggi-do, Korea) |
|
Tel |
+82-31-432-9741~4 +82-70-7826-9122 |
|
Fax |
+82-31-432-9745 +82-31-624-4745 |
|
Other Address |
93, Dangjaebong-ro, Jori-eup, Paju-si,
Gyeonggi-do, Korea |
|
Tel |
|
|
Fax |
|
|
Other Address |
11-113 , Siheung Circulation Complex, 984, Siheung 3-dong,
Geumcheon-gu, Seoul, Korea |
|
Tel |
+82-2-892-7574 |
|
Fax |
+82-2-895-2281 |
|
Type |
Export |
|
Industry |
Manufacture of Pipes and Tubes, of Non-cast Iron or Steel |
|
Main Business |
Flexible Joint, Sprinkler Joint, Flexible Sprinkler Hose, Water Hammer
Cushion, Flexible Connector, Expansion Joint, Valve |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
12/27/1999 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Pipe expansion joints(40142312) |
|
Sell |
Flex connectors(39121419) |
|
Sell |
Pipe fittings(40142300) |
|
Sell |
Tube and tubing(31231300) |
|
Name |
Lim Tae-Gyeong |
|
Address |
Suite 206-1603, 801, Ori-ro,
Gwangmyeong-si, Gyeonggi-do, Korea |
|
Date of Birth |
10/25/1960 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,000,000,000 |
|||||||||||||||
|
Employees |
93 |
|||||||||||||||
|
Formation |
Co., Ltd by Shares Venture Business |
|||||||||||||||
|
Bank Details |
Citibank, Korea-Sihwa Industrial Complex
Branch Industrial Bank of Korea Shinhan Bank |
|||||||||||||||
|
Corporate Registered No. |
134911-0015990 |
|||||||||||||||
|
Business Registered No. |
130-81-64279 |
|||||||||||||||
|
Permit & Licenses |
12/2000 ISO 9002 11/2001 KS Mark 10/2009 UL Mark 04/2010 KS Mark Int’l Trade No.: 45213111 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
11/20/1991 Established as YOUNGJIN KIGONG
CO.(Sole Proprietorship) 12/27/1999 Incorporated as YOUNGJIN
FLEXIBLE INDUSTRIES CO., LTD. 12/28/2004 Changed company name to the
present name 05/2005 Designated as a Venture Business 03/2006 Designated as an INNO-BIZ Company 04/28/2006 Increased the authorized shares
to 400,000 shares from 80,000 shares 11/11/2009 Designated as a Venture Business
again 12/09/2010 Increased capital to 1,000,000,000
KRW from 500,000,000 KRW |
|||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Lim Tae-Gyeong |
Male |
Korean |
03/11/2008 |
|
Director |
Mr. |
Cha Jong-Hyun |
Male |
Korean |
03/11/2008 |
|
Director |
Mr. |
Yoon Joo-Tae |
Male |
Korean |
12/08/2010 |
|
Auditor |
M/S. |
Choi Jeom-Rye |
Female |
Korean |
12/08/2010 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
22,808,520,346 |
12,887,803,521 |
859,694,372 |
|
|
2013 |
21,500,893,082 |
12,721,392,093 |
771,450,458 |
|
2012 |
16,522,594,000 |
9,692,197,000 |
637,222,000 |
|
2011 |
14,357,887,000 |
8,703,977,000 |
656,794,000 |
|
2010 |
11,587,000,000 |
N/A |
403,000,000 |
|
2009 |
9,294,000,000 |
5,911,000,000 |
1,463,000,000 |
|
2008 |
8,755,000,000 |
4,430,000,000 |
374,000,000 |
|
2007 |
7,113,000,000 |
3,785,000,000 |
249,000,000 |
|
Authorized Capital(KRW) |
2,000,000,000 |
|
Paid-Up Capital(KRW) |
1,000,000,000 |
|
Total Issues Shares |
200,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
12,887,803,521 |
12,721,392,093 |
9,692,197,000 |
|
Current Assets |
9,539,087,876 |
9,398,725,205 |
|
|
-Quick Assets |
7,134,672,122 |
7,147,928,205 |
|
|
-Inventories |
2,404,415,754 |
2,250,797,000 |
|
|
Fixed Assets |
3,348,715,645 |
3,322,666,888 |
|
|
-Investment |
1,153,723,355 |
1,166,139,736 |
|
|
-Tangibles |
2,013,637,371 |
1,985,172,233 |
|
|
-Intangibles |
- |
- |
|
|
-Others |
181,354,919 |
171,354,919 |
|
|
Total Liabilities |
7,185,210,868 |
7,111,645,108 |
4,591,950,000 |
|
Current Liabilities |
4,002,074,200 |
4,728,848,963 |
|
|
Fixed Liabilities |
3,183,136,668 |
2,382,796,145 |
|
|
Capital Stock |
1,000,000,000 |
1,000,000,000 |
1,000,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
6,279,263,981 |
5,419,569,609 |
|
|
Capital Adjustment |
-1,576,671,328 |
-809,822,624 |
|
|
Total Equity |
5,702,592,653 |
5,609,746,985 |
5,100,247,000 |
|
Liab. & Shareholder’s Equity |
12,887,803,521 |
12,721,392,093 |
9,692,197,000 |
|
Current
Liabilities |
4,002,074,200 |
4,728,848,963 |
|
|
Trade Payables |
1,852,964,100 |
1,571,343,976 |
|
|
Account Payables |
157,038,438 |
227,376,475 |
|
|
Withholdings |
24,554,640 |
21,607,810 |
|
|
Guarantee Deposit Withhold |
- |
15,000,000 |
|
|
Advance Receipts |
- |
129,583,803 |
|
|
Short-Term Borrowings |
1,300,000,000 |
300,000,000 |
|
|
Accrued Income Tax |
145,078,640 |
84,222,230 |
|
|
Accrued Expenses |
224,958,382 |
179,714,669 |
|
|
Current Portion of Long-Term Debts |
297,480,000 |
2,200,000,000 |
|
|
Fixed
Liabilities |
3,183,136,668 |
2,382,796,145 |
|
|
Debentures |
1,600,000,000 |
1,800,000,000 |
|
|
Long-Term Borrowings |
1,402,520,000 |
500,000,000 |
|
|
Provision for Severance & Retirement |
180,616,668 |
82,796,145 |
|
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
22,808,520,346 |
21,500,893,082 |
16,522,594,000 |
|
Cost of Sold Goods |
19,018,990,665 |
17,727,374,024 |
|
|
Gross Profit |
3,789,529,681 |
3,773,519,058 |
|
|
Selling & Admin. Expenses |
2,596,261,887 |
2,625,792,201 |
|
|
Operating Income |
1,193,267,794 |
1,147,726,857 |
947,090,000 |
|
Non-Operating Income |
145,426,998 |
127,881,194 |
|
|
Non-Operating Expenses |
273,372,370 |
315,948,518 |
|
|
Income Before Taxes |
1,065,322,422 |
959,659,533 |
|
|
Income Taxes Expenses |
205,628,050 |
188,209,075 |
|
|
Net Income |
859,694,372 |
771,450,458 |
637,222,000 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Cash Flows from Operating |
1,581,949,028 |
19,639,926 |
|
|
-Net Income |
859,694,372 |
771,450,458 |
|
|
-Exp. without Cash Outflow |
225,016,912 |
369,747,788 |
|
|
-Revenue without Cash Inflows |
- |
-6,154,544 |
|
|
-Changes in Asset/ & Liability |
497,237,744 |
-1,115,403,776 |
|
|
Cash Flows from Investing |
-1,702,809,435 |
-1,967,223,633 |
|
|
-Cash Inflow from Investing |
215,104,988 |
112,738,977 |
|
|
-Cash Outflows for Investing |
-1,917,914,423 |
-2,079,962,610 |
|
|
Cash Flows from Financing |
-200,000,000 |
2,200,000,000 |
|
|
-Cash Inflows from Financing |
2,000,000,000 |
2,500,000,000 |
|
|
-Cash Outflows from Financing |
-2,200,000,000 |
-300,000,000 |
|
|
Increase/Decrease in Cash |
-320,860,407 |
252,416,293 |
|
|
Cash at the Beginning of Year |
872,376,812 |
619,960,519 |
|
|
Cash at the End of Year |
551,516,405 |
872,376,812 |
|
|
Main Products & Services |
Flexible Joint, Sprinkler Joint, Flexible Sprinkler Hose, Water Hammer
Cushion, Flexible Connector, Expansion Joint, Valve |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
Competitors |
WONIL INDUSTRIAL CO., LTD. 595-1, SONGCHEON-RI, SUDONG-MYEON,
NAMYANGJU-SI, GYEONGGI-DO, KOREA TEL:+82-31-594-8033 FAX:+82-31-594-8034 KWANG WON I & D CO., LTD. 45, SACHANG-RI, YANGGAM-MYEON, HWASEONG-SI,
GYEONGGI-DO, KOREA TEL:+82-31-353-3245 FAX:+82-31-353-4146 DONG YANG CO., LTD. 858-1, EOGOK-DONG, YANGSAN-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-367-2311 FAX:+82-55-367-2316 |
|
Joint Venture |
|
|
Subsidiary |
YOUNGJIN FLEX USA, INC.(USA) (100.0% held by the subject company) VIETNAM YOUNGJIN VINA FLEX CO., LTD.(VIETNAM) (100.0% held by the subject company) |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) |
The Subject exports
to India, Israel and Vietnam.
Not Available.
-------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.40 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.