|
|
|
MIRA INFORM REPORT
|
Report No. : |
489928 |
|
Report Date : |
02.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
TAIHAN TEXTILE
CO., LTD. |
|
|
|
|
Registered Office : |
17, Gukjegeumyung-ro 2-gil, Yeongdeungpo-gu, Seoul, 13th Fl., Taihan
Bldg., Korea 07327 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.06.2017 |
|
|
|
|
Date of Incorporation : |
10.08.1953 |
|
|
|
|
Com. Reg. No.: |
116-81-33353 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
· Export/Import Cotton of Spinning (Cotton Yarn, Chemical Yarn, Blended Spun Yarn, Chemical Fabrics) · Wholesale of Textiles |
|
|
|
|
No. of Employees : |
515 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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.
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 2016, the economy experienced slow growth – 2%-3% per year - due to sluggish domestic consumption, a drop in foreign demand for South Korean exports, increased competition from regional rivals such as China and Japan, and declining investment. The administration in 2016 faced the challenge of balancing heavy reliance on exports with domestic restructuring efforts in the country’s shipbuilding and shipping industries.
The South Korean economy's short-term challenges include a potential loss of consumer confidence due to issues with its mobile phone industry, as well as uncertainty stemming from a tumultuous domestic political situation. In the long-term, South Korea must deal with a rapidly aging population, inflexible labor market, dominance of large conglomerates (chaebols), and the heavy reliance on exports, which comprise more than 40% of GDP. South Korea’s low overall unemployment rate masks problems with high youth unemployment, low worker productivity, high labor underutilization, and low female participation in the workforce. The government has tried to implement structural reforms, but continues to face significant headwind from vested interests. Finally, the country could eventually face an unprecedented financial burden in the event the unification of the Korean Peninsula were to occur.
|
Source
: CIA |
Basic
Information
|
Company Name |
TAIHAN TEXTILE
CO., LTD. |
|
Registered Address |
17, Gukjegeumyung-ro 2-gil, Yeongdeungpo-gu, Seoul, Korea |
|
Building |
13th Fl., Taihan Bldg. |
|
Zip Code |
07327 |
|
Tel |
+82-2-368-0114 |
|
Fax |
+82-2-368-0461~2 |
|
E-mail |
hoon74@thtc.co.kr |
|
Website |
www.thtc.co.kr |
|
Trading Address |
13th Fl., Daehan Bldg., 17, Gukjegeumyung-ro 2-gil, Yeongdeungpo-gu,
Seoul, Korea (Old Address System : 13th Fl., Daehan
Bldg., 25, Yeouido-dong, Yeongdeungpo-gu, Seoul, Korea(P.O.BOX 145)) |
|
Tel |
+82-2-368-0114 |
|
Fax |
+82-2-368-0461~2 |
|
Other Address-Jeonju Factory |
151, Hyojadong 3-ga, Wansan-gu, Jeonju-si,
Jeollabuk-do, Korea |
|
Tel |
+82-63-222-7121~5 |
|
Fax |
+82-62-222-1142 |
|
Other Address-Daegu Factory |
1900, Bisan 7-dong, Seo-gu, Daegu, Korea |
|
Tel |
+82-53-720-4400 |
|
Fax |
+82-53-720-4401 |
|
Other Address-Daegu Office |
20, Chilseongdong 2-ga, Buk-gu, Daegu, Korea |
|
Tel |
+82-53-213-5000 |
|
Fax |
+82-53-720-4410 |
|
Type |
Export/Import |
|
Industry |
Cotton of Spinning |
|
Main Business |
Cotton Yarn, Chemical Yarn, Blended Spun Yarn, Chemical Fabrics |
|
Sub
Business |
Wholesale of Textiles |
|
Established (mm/dd/yyyy) |
08/10/1953 |
Detailed
Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Fabrics and leather materials(11160000) |
|
Sell |
Knit synthetic fabrics(11161804) |
|
Sell |
Specialty fabrics or cloth(11162100) |
|
Sell |
Synthetic fabrics(11161800) |
|
Buy |
Yarns(11151700) |
|
Buy |
Cotton yarn(11151702) |
|
Buy |
Polyester yarn(11151703) |
|
Buy |
Rayon fibers(11151506) |
CEO’s
|
Name |
Sull Bum |
|
Date of Birth |
03/05/1958 |
|
Title |
Chairman & CEO |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
5,300,000,000 |
||||||||||||||||||||||||||||||||||||||||||
|
Employees |
515 |
||||||||||||||||||||||||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange : 001070) as of 12/28/1973 A Company of TAIHAN TEXTILE CO., LTD. |
||||||||||||||||||||||||||||||||||||||||||
|
Bank Details |
KEB Hana Bank-Gangseo Corporate Branch Woori Bank Kookmin Bank Daegu Bank |
||||||||||||||||||||||||||||||||||||||||||
|
Corporate Registered No. |
110111-0019350 |
||||||||||||||||||||||||||||||||||||||||||
|
Business Registered No. |
116-81-33353 |
||||||||||||||||||||||||||||||||||||||||||
|
Permit & Licenses |
07/26/2001ISO9002 Int’l Trade No.: 673286 |
||||||||||||||||||||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||||||||||||||||||||
|
Company History |
08/10/1953 Incorporated as the present name 06/1987 Acquired TAIHAN TOTAL DEVELOPMENT
CO., LTD. 01/2002 Sold the Subject’s HQ office
building to KORAMCO REITS MGT & TRUST CO.,LTD(110111-2359837) 03/16/2002 Increased the authorized shares
to 4,000,000 shares from 2,000,000 shares |
Management
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
Chairman & CEO |
Sull Bum |
Korean |
03/05/1958 |
06/10/1996 |
|
President & CEO |
Kim In-Ho |
Korean |
09/15/1968 |
11/07/2016 |
|
Outside Director |
Kim Duck-Cheol |
Korean |
10/04/1963 |
03/12/2010 |
|
Outside Director |
Han Joon-Ho |
Korean |
01/12/1971 |
03/23/2014 |
|
Auditor |
Kim Sung-Ho |
Korean |
09/10/1954 |
03/23/2014 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
99,262,328,512 |
382,413,773,107 |
-2,377,226,722 |
|
|
2016 |
236,833,616,291 |
385,930,956,190 |
246,438,108 |
|
2015 |
234,303,020,177 |
381,208,264,591 |
-2,616,456,945 |
|
2014 |
234,702,605,279 |
373,958,935,141 |
-22,297,067,379 |
|
2013 |
269,900,175,211 |
271,948,173,408 |
5,234,287,547 |
|
2012 |
259,438,524,837 |
259,775,593,331 |
-9,613,705,730 |
|
2011 |
286,063,131,150 |
281,588,814,841 |
-10,934,986,889 |
|
2010 |
288,762,884,386 |
248,776,849,020 |
7,451,968,416 |
|
2009 |
261,546,466,653 |
239,190,313,515 |
-14,874,895,494 |
|
2008 |
289,017,980,261 |
260,421,446,851 |
-13,199,547,723 |
|
2007 |
243,340,902,864 |
209,507,187,415 |
-9,927,790,894 |
|
2006 |
244,836,984,723 |
212,112,362,129 |
-4,386,600,009 |
|
2005 |
236,487,648,720 |
224,000,230,297 |
39,107,095,790 |
|
2004 |
234,032,552,123 |
198,232,597,700 |
7,241,659,034 |
|
2003 |
236,205,168,557 |
219,513,337,407 |
14,500,298,141 |
Financial
Description
|
Authorized Capital(KRW) |
20,000,000,000 |
|
Paid-Up Capital(KRW) |
5,300,000,000 |
|
Total Issues Shares |
1,060,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2017~06/30/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Total Assets |
382,413,773,107 |
385,930,956,190 |
381,208,264,591 |
|
Current Assets |
111,259,106,890 |
114,408,912,014 |
121,689,747,009 |
|
Cash & Cash Equivalents |
2,437,186,290 |
4,146,592,822 |
3,359,846,620 |
|
Current Financial Instruments |
80,000,000 |
80,000,000 |
3,714,089,039 |
|
Trade Receivables |
37,885,968,890 |
38,337,936,451 |
40,114,928,395 |
|
Other Receivables |
22,825,102,095 |
22,017,238,233 |
22,382,102,533 |
|
Inventories |
47,548,229,485 |
48,820,896,793 |
51,273,816,312 |
|
Deferred Income Tax Assets |
249,660 |
1,877,180 |
1,391,580 |
|
Other Financial Assets |
482,370,470 |
1,004,370,535 |
843,572,530 |
|
Non-Current Assets |
271,154,666,217 |
271,522,044,176 |
259,518,517,582 |
|
Non-Current Financial Instruments |
10,000,000 |
10,000,000 |
13,000,000 |
|
Marketable Financial Instruments |
1,402,363,041 |
1,454,486,119 |
1,281,157,274 |
|
Other Long-Term Receivables |
1,499,210,566 |
1,521,899,376 |
1,493,254,136 |
|
Investment_Subsidiaries |
7,141,006,434 |
7,024,646,434 |
6,911,156,434 |
|
Tangibles |
245,370,686,705 |
245,601,504,120 |
223,084,885,525 |
|
Investment_Real Estates |
15,220,804,806 |
15,398,437,722 |
26,225,696,240 |
|
Intangibles |
499,044,665 |
499,520,405 |
496,662,973 |
|
Other Non-Current Assets |
11,550,000 |
11,550,000 |
12,705,000 |
|
Total Liabilities |
190,557,542,366 |
191,648,630,303 |
205,708,752,401 |
|
Current Liabilities |
149,674,938,837 |
146,637,854,594 |
171,530,935,236 |
|
Trade Payables |
10,628,394,697 |
7,354,080,108 |
10,500,373,873 |
|
Account Payables |
5,880,823,548 |
3,776,865,825 |
4,952,234,379 |
|
Other Payables |
3,045,585,601 |
2,565,549,275 |
2,952,148,538 |
|
Other Finance Debts |
300,166,846 |
451,329,128 |
0 |
|
Short-Term Borrowings |
123,303,351,032 |
126,871,231,458 |
135,310,270,805 |
|
Current Portion of Long-Term Debts |
5,266,643,931 |
4,585,641,590 |
11,345,888,117 |
|
Other Current Liabilities |
1,249,973,182 |
1,033,157,210 |
6,470,019,524 |
|
Non-Current Liabilities |
40,882,603,529 |
45,010,775,709 |
34,177,817,165 |
|
Other Long-Term Payables |
675,260,000 |
683,460,000 |
1,436,732,544 |
|
Other Non-Current Financial Debts |
791,536,948 |
1,204,782,033 |
2,741,844,633 |
|
Debentures |
4,793,229,931 |
8,449,285,672 |
0 |
|
Long-Term Borrowings |
519,072,046 |
560,122,246 |
637,220,736 |
|
Provision for Severance & Retirement |
7,665,518,014 |
7,103,502,937 |
7,324,622,139 |
|
Deferred Income Tax Credit |
26,437,986,590 |
27,009,622,821 |
21,732,078,063 |
|
Other Non-Current Liabilities |
|
|
305,319,050 |
|
Capital Stock |
5,300,000,000 |
5,300,000,000 |
5,300,000,000 |
|
Capital Surplus |
1,935,478,247 |
1,935,478,247 |
1,935,478,247 |
|
Treasury Stock |
-51,960 |
-51,960 |
-51,960 |
|
Installments |
129,920,626,043 |
129,920,626,043 |
111,434,948,432 |
|
Profit Surplus |
54,700,178,411 |
57,126,273,557 |
56,829,137,471 |
|
Total Equity |
191,856,230,741 |
194,282,325,887 |
175,499,512,190 |
|
Liab. & Shareholder’s Equity |
382,413,773,107 |
385,930,956,190 |
381,208,264,591 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2017~06/30/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Sales |
99,262,328,512 |
236,833,616,291 |
234,303,020,177 |
|
Cost
of Sold Goods |
94,996,743,658 |
220,179,799,590 |
216,667,345,499 |
|
Gross
Profit |
4,265,584,854 |
16,653,816,701 |
17,635,674,678 |
|
Selling
& Admin. Expenses |
6,466,371,653 |
14,205,524,827 |
11,761,933,351 |
|
Operating
Income |
-2,200,786,799 |
2,448,291,874 |
5,873,741,327 |
|
Other
Income |
7,946,121,867 |
14,633,196,777 |
5,655,947,773 |
|
Other
Expenses |
6,075,031,148 |
11,236,134,008 |
9,166,355,840 |
|
Finance
Income |
115,141,423 |
217,350,427 |
240,473,809 |
|
Finance
Expenses |
2,720,182,163 |
5,766,930,703 |
5,814,772,402 |
|
Income
Before Taxes |
-2,934,736,820 |
295,774,367 |
-3,210,965,333 |
|
Income
Taxes Expenses |
557,510,098 |
-49,336,259 |
594,508,388 |
|
Net
Income |
-2,377,226,722 |
246,438,108 |
-2,616,456,945 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2017~06/30/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Operating
Activities Cash Flows |
5,414,689,753 |
-8,630,807,778 |
-10,202,350,462 |
|
Net Income |
-2,377,226,722 |
246,438,108 |
-2,616,456,945 |
|
Adjustment |
5,703,214,174 |
9,225,195,817 |
8,698,627,813 |
|
Changes in Asset/ & Liability |
4,648,739,609 |
-13,069,381,482 |
-10,769,747,162 |
|
Interests Received |
151,709,499 |
224,486,911 |
212,251,309 |
|
Interests Paid |
-2,713,060,296 |
-5,258,840,992 |
-5,741,119,836 |
|
Income Taxes |
1,284,789 |
1,265,160 |
1,749,881 |
|
Dividends Received |
28,700 |
28,700 |
12,344,478 |
|
Cash
Flows from Investing |
-518,862,949 |
16,182,577,077 |
-1,299,068,990 |
|
Cash Inflow from Investing |
271,721,336 |
19,755,214,631 |
3,137,527,765 |
|
Cash Outflows for Investing |
-790,584,285 |
-3,572,637,554 |
-4,436,596,755 |
|
Cash
Flows from Financing |
-6,590,519,026 |
-6,815,615,237 |
11,399,358,656 |
|
Cash Inflows from Financing |
13,500,000,000 |
29,788,223,585 |
19,012,077,830 |
|
Cash Outflows from Financing |
-20,090,519,026 |
-36,603,838,822 |
-7,612,719,174 |
|
Increase/Decrease
in Cash |
-1,694,692,222 |
736,154,062 |
-102,060,796 |
|
Cash at
the Beginning of Year |
4,269,879,360 |
3,533,725,298 |
3,635,786,094 |
|
Cash at
the End of Year |
2,575,187,138 |
4,269,879,360 |
3,533,725,298 |
Products, Technologies, Services
Description
|
Main Products & Services |
Yarn -Melange Yarn -Cotton Yarn -Combined Yarn Textiles -Super Silky -Shape Memory -Mixture Fabric -Lyocell Fabric -Compact Yarn Fabric New Materials -Pill-Free -Bamboo Yarn -Soybean Yarn Brand Name : Melanors,
Baikma, Rainbow |
Trade
Partners & Competitors
|
Suppliers |
-- |
|
Customers |
-- |
|
Competitors |
CHONBANG CO., LTD.(110111-0005664) 12~13TH FI., CHUNGJEONG TOWER BLDG., 464,
CHUNGJEONGNO 3-GA, SEODAEMUN-GU, SEOUL, KOREA TEL:+82-2-2122-6000 FAX:+82-2-392-3923 KYUNGBANG LTD.(110111-0013287) 441-10, YEONGDEUNGPODONG 4-GA,
YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-2639-6114 FAX:+82-2-2639-6079 DONGIL CORPORATION(110111-0019219) 8TH FL., JEONG-HEON BLDG., 944-1, DAECHI
3-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-2222-3071 FAX:+82-2-2222-3280 |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Overseas Branch |
DAEWON TEXTILE(QINGDAO) CO., LTD.(CHINA) TEL:+86 532-8859-9621~2 FAX:+86
532-8859-9627 |
|
Subsidiary |
DAEWON TEXTILE(QINGDAO) CO., LTD.(CHINA) (95.00% held by the subject company) TEL:+86 532-8859-9621~2 FAX:+86
532-8859-9627 DAEWON DYEING(QINGDAO) CO., LTD.(CHINA) (100.00% held by the subject company) TAIHAN TEXTILE(SHANGHAI) CO., LTD.(CHINA) (100.00% held by the subject company) PT.TAIHAN INDONESIA (99.75% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO.,
LTD(110111-0013328) |
Sales by Region (Activity & Markets)
|
Sales/ Unit :Mil
KRW |
09/2010 |
2009 |
2008 |
|
Export |
136,062 |
162,769 |
187,785 |
|
Domestic |
74,230 |
97,300 |
99,764 |
|
Others |
1,299 |
1,477 |
1,469 |
|
Total |
211,591 |
261,546 |
289,018 |
The Subject Company
deals with the companies in China, USA and Europe. It imports from USA and
Germany.
Court
Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
2015NA 2022128 |
Seoul High Court |
The Subject Company |
G& Company |
Receivables |
22,448,500 |
Proceeding |
|
2016 KAHAP 117 |
Seoul Nambu District Court |
The Subject Company |
Yewoo Design Co., Ltd.(110111-4533306) |
Cancellation on Injunction |
- |
Proceeding |
News
Clipping
----------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.61 |
|
|
1 |
INR 89.32 |
|
Euro |
1 |
INR 78.95 |
|
KRW |
1 |
INR 0.059 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.