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MIRA INFORM REPORT
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Report No. : |
496482 |
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Report Date : |
09.03.2018 |
IDENTIFICATION DETAILS
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Name : |
TAE-A INDUSTRIAL CORPORATION |
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Registered Office : |
75, Daejeon-Ro 1331 Beon-Gil, Daedeok-Gu,
Daejeon, |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
20.12.1972 |
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Com. Reg. No.: |
306-81-00135 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Manufacture of Tobacco Materials, and
Special Agricultural Products |
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No. of Employees : |
76 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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South Korea |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
After emerging from the 1950-53 war with North Korea, South Korea emerged as one of the 20th century’s most remarkable economic success stories, becoming a developed, globally connected, high-technology society within decades. In the 1960s, GDP per capita was comparable with levels in the poorest countries in the world. In 2004, South Korea joined the trillion-dollar club of world economies.
Beginning in the 1960s under President PARK Chung-hee, the government promoted the import of raw materials and technology, encouraged saving and investment over consumption, kept wages low, and directed resources to export-oriented industries that remain important to the economy to this day. Growth surged under these policies, and frequently reached double-digits in the 1960s and 1970s. Growth gradually moderated in the 1990s as the economy matured, but remained strong enough to propel South Korea into the ranks of the advanced economies of the OECD by 1997. These policies also led to the emergence of family-owned chaebol conglomerates such as Daewoo, Hyundai, and Samsung, which retained their dominant positions even as the government loosened its grip on the economy amid the political changes of the 1980s and 1990s.
The Asian financial crisis of 1997-98 hit South Korea’s companies hard because of their excessive reliance on short-term borrowing, and GDP ultimately plunged by 7% in 1998. South Korea tackled difficult economic reforms following the crisis, including restructuring some chaebols, increasing labor market flexibility, and opening up to more foreign investment and imports. These steps lead to a relatively rapid economic recovery. South Korea also began expanding its network of free trade agreements to help bolster exports, and has since implemented 16 free trade agreements covering 58 countries—including the United State and China—that collectively cover more than three-quarters of global GDP.
In 2017, the election of President MOON Jae-in brought a surge in consumer confidence, in part, because of his successful efforts to increase wages and government spending. These factors combined with an uptick in export growth to drive real GDP growth to more than 3%, despite disruptions in South Korea’s trade with China over the deployment of a US missile defense system in South Korea.
In 2018 and beyond, South Korea will contend with gradually slowing economic growth - in the 2-3% range - not uncommon for advanced economies. This could be partially offset by efforts to address challenges arising from its rapidly aging population, inflexible labor market, continued dominance of the chaebols, and heavy reliance on exports rather than domestic consumption. Socioeconomic problems also persist, and include rising inequality, poverty among the elderly, high youth unemployment, long working hours, low worker productivity, and corruption.
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Source
: CIA |
company name and address
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Company Name |
TAE-A INDUSTRIAL CORPORATION (Korean Company Name : “태아산업(주)") |
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Registered Address |
75, Daejeon-ro 1331beon-gil, Daedeok-gu,
Daejeon, Korea |
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Building |
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Zip Code |
34363 |
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Tel |
+82-42-620-7600 |
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Fax |
+82-42-620-7620 |
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E-mail |
taeamaster@e-taea.co.kr |
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Website |
www.e-taea.co.kr |
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Trading Address |
75, Daejeon-ro 1331beon-gil, Daedeok-gu,
Daejeon, Korea (Old Address System : 450-11, Eumnae-dong,
Daedeok-gu, Daejeon, Korea) |
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Tel |
+82-42-620-7613 |
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Fax |
+82-42-620-7620 |
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Other Address |
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Tel |
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Fax |
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Type |
Export/Import |
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Industry |
Manufacture of Tobacco Materials, and
Special Agricultural Products |
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Main Business |
Reconstituted Tobacco Leaf(RTL) |
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Sub
Business |
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Established (mm/dd/yyyy) |
12/20/1972 |
Detailed
Products
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Tobacco and substitutes(50211500) |
CEO’s
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Name |
Choi Jung-Won |
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Date of Birth |
09/24/1963 |
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Title |
President & CEO |
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Nationality |
Korean |
Profiles
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Capital (KRW) |
2,250,000,000 |
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Employees |
76 |
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Formation |
Co., Ltd by Shares A Company of KT&G Group |
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Bank Details |
NH Nonghyup Bank |
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Corporate Registered No. |
160111-0005185 |
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Business Registered No. |
306-81-00135 |
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Permit & Licenses |
N/A |
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Shareholder Position |
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Company History |
12/20/1972 Incorporated as the present name 03/26/2004 Joined as a Company of KT&G
Group 06/03/2011 Increased the authorized shares to
450,000 shares from 150,000 shares 06/11/2011 Increased capital to
2,250,000,000 KRW from 750,000,000 KRW |
Detailed
Information
Management
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Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
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President & CEO |
Choi Jung-Won |
Korean |
09/24/1963 |
03/17/2017 |
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Director |
Han Yong-Hwan |
Korean |
09/20/1968 |
03/17/2017 |
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Director |
Kim Jung-Hoo |
Korean |
03/24/1970 |
03/17/2017 |
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Auditor |
Oh Hyo-Jin |
Korean |
01/19/1972 |
03/17/2017 |
Financials
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Year / Unit : KRW |
Sales |
Assets |
Net Income |
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2016 |
13,856,997,900 |
15,667,937,009 |
652,429,675 |
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2015 |
13,727,402,070 |
14,897,189,114 |
606,442,064 |
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2014 |
14,987,467,440 |
13,888,022,836 |
487,088,172 |
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2013 |
14,185,341,450 |
13,212,586,105 |
180,440,635 |
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2012 |
16,220,900,720 |
14,867,558,818 |
354,884,053 |
Financial
Description
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Authorized Capital(KRW) |
2,250,000,000 |
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Paid-Up Capital(KRW) |
2,250,000,000 |
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Total Issued Shares |
450,000 |
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Balance Sheet |
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Unit : Korean Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
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Total
Assets |
15,667,937,009 |
14,897,189,114 |
13,888,022,836 |
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Current
Assets |
7,680,551,735 |
5,989,199,760 |
4,438,394,006 |
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Inventories |
558,254,747 |
653,645,549 |
650,765,697 |
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Prepaid
Expenses |
15,796,428 |
635,446 |
968,490 |
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Cash
& Cash Equivalents |
7,106,500,560 |
5,334,918,765 |
3,786,659,819 |
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Non-Current
Assets |
7,987,385,274 |
8,907,989,354 |
9,449,628,830 |
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Tangibles |
7,000,229,136 |
7,950,306,521 |
8,534,624,933 |
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Intangibles |
321,625,298 |
345,780,701 |
369,936,101 |
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Guarantees |
2,260,000 |
2,327,050 |
2,327,050 |
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Deferred
Income Tax Assets |
663,270,840 |
609,575,082 |
542,740,746 |
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Total
Liabilities |
4,392,598,335 |
4,133,913,982 |
3,672,090,664 |
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Current
Liabilities |
1,822,278,560 |
1,335,464,520 |
1,274,911,297 |
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Trade
Payables & Other Payables |
1,744,718,495 |
1,122,250,023 |
1,227,093,202 |
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Accrued
Income Tax |
77,560,065 |
213,214,497 |
47,818,095 |
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Non-Current
Liabilities |
2,570,319,775 |
2,798,449,462 |
2,397,179,367 |
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Confirmed
Salaries |
2,570,319,775 |
2,798,449,462 |
2,397,179,367 |
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Capital
Stock |
2,250,000,000 |
2,250,000,000 |
2,250,000,000 |
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Others |
518,750,000 |
518,750,000 |
518,750,000 |
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Profit
Surplus |
8,506,588,674 |
7,994,525,132 |
7,447,182,172 |
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Total
Equity |
11,275,338,674 |
10,763,275,132 |
10,215,932,172 |
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Liab.
& Shareholder’s Equity |
15,667,937,009 |
14,897,189,114 |
13,888,022,836 |
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Income Statement |
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Unit : Korean Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
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Sales |
13,856,997,900 |
13,727,402,070 |
14,987,467,440 |
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Cost
of Sold Goods |
11,717,017,373 |
11,602,542,394 |
13,036,511,904 |
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Gross
Profit |
2,139,980,527 |
2,124,859,676 |
1,950,955,536 |
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Selling
& Admin. Expenses |
1,437,038,238 |
1,408,061,738 |
1,653,302,650 |
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Operating
Income |
702,942,289 |
716,797,938 |
297,652,886 |
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Other
Income |
56,088,268 |
57,488,164 |
81,916,810 |
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Other
Expenses |
10,353,311 |
16,074,857 |
51,306,277 |
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Finance
Income |
67,194,177 |
57,616,903 |
53,803,698 |
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Income
Before Taxes |
815,871,423 |
815,828,148 |
382,067,117 |
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Income
Taxes Expenses |
163,441,748 |
209,386,084 |
-105,021,055 |
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Net
Income |
652,429,675 |
606,442,064 |
487,088,172 |
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Cash Flows |
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Unit : Korean Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
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Operating
Activities Cash Flows |
2,071,812,163 |
2,402,074,709 |
3,145,589,183 |
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Cash
Flows from Operating |
2,385,013,653 |
2,496,229,749 |
3,282,689,493 |
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Income
Taxes |
-313,201,490 |
-94,155,040 |
-137,100,310 |
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Cash
Flows from Investing |
-300,230,368 |
-853,815,763 |
-899,748,060 |
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Cash
Flows from Financing |
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Increase/Decrease
in Cash |
1,771,581,795 |
1,548,258,946 |
2,245,841,123 |
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Cash
at the Beginning of Year |
5,334,918,765 |
3,786,659,819 |
1,540,818,696 |
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Cash
at the End of Year |
7,106,500,560 |
5,334,918,765 |
3,786,659,819 |
Products,
Technologies, Services Description
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Main Products & Services |
Reconstituted Tobacco Leaf(RTL) |
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Detailed Products Spec. |
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Technologies Acquired |
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Trade
Partners & Competitors
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Suppliers |
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Customers |
KT&G CORPORATION(160111-0067804) KGCLIFENGIN CO., LTD.(110111-2859390) COSMOCOS CO., LTD.(110111-1007619) |
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Competitors |
PHILIP MORRIS KOREA INC. 24TH FL., SEOUL FINANCE BLDG., 84,
TAEPYEONGNO 1-GA, JUNG-GU, SEOUL, KOREA TEL:+82-2-3707-0700 FAX:+82-2- 775 -9780 WOORI TOBACCO CORPORATION 11-1, SEULHANG-RI, GODAE-MYEON,
DANGJIN-GUN, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-355-6565 FAX:+82-41-355-7447 OCSAN DISTRIBUTION CO., LTD. B1, BOHEON BLDG., 84-2, JAE-DONG,
JONGNO-GU, SEOUL, KOREA TEL:+82-2-901-2701~2 FAX:+82-2-744-8113 |
Related
Parties (Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
LITEPHARMTECH CO., LTD.(110111-3157850) KOREA GINSENG CORP.(160111-0083066) YUNGJIN PHARM IND CO., LTD.(110111-0043127) COSMOCOS CO., LTD.(110111-1007619) KT&G LIFE SCIENCES
CORPORATION(160111-0136138) KGCYBON CORP.(151111-0042790) SANGSANG STAY INC.(110111-5875484) |
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Overseas Office |
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Liaison Office |
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Overseas Branch |
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Joint Venture |
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Subsidiary |
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Corporate Ownership |
KT&G CORPORATION(160111-0067804) |
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Major Shareholders |
KT&G CORPORATION(160111-0067804) |
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Cooperative Enterprise |
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Sales
by Region (Activity & Markets)
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Sales/ Unit :Mil KRW |
2016 |
2015 |
2014 |
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Export |
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Domestic |
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Total |
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Not Available.
Court
Action
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Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
No Records.
News Clipping
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
INR 64.92 |
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|
1 |
INR 90.22 |
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Euro |
1 |
INR 80.54 |
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KRW |
1 |
INR 0.061 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
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Report Prepared
by : |
POJ |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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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 |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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.