Chapter 110
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When the president of Yangji Construction left the office, Manager Kang came to Gun-Ho .
"Sir, you have to be careful about their usual scheme . Many landowners lost their land by listening to a construction company that told them that they could build a building on their land without spending their own money . "
"I think I heard about it before . "
"A construction company doesn't care whether a landowner builds a building with his own money or borrowed money . Once a building is completed and it doesn't sell, it is the landowner who has to bear all the consequences . Many landowners ended up selling the land because they couldn't pay the loan . "
"He said I would have to pay a high property tax . "
"You can use the rent you receive from the parking lot tenant and the tented cart tenant . "
"Well, anyway, we will have to think about this eventually . "
Gun-Ho opened his stock account for the first time in a long time .
He had purchased the Kumho Chemical stock for 10 billion won and sold 300 million won stock when he acquired the land in Gangdong District . So, he was supposed to have about 9 . 7 billion won worth of stocks in his account . However, the stock price had increased .
"Haha . The price of Kumho Chemical increased by 3 . 5% . So my net account value is now back to 10 billion won . "
If Gun-Ho sold all of his stock right now, he would have 10 billion won in cash .
Gun-Ho stretched himself before wearing his jacket that was hanging on the wall .
"Ms . Ji-Young Jeong, is Manager Kang out to visit the OneRoomTels?"
"Yes, he is . "
"How much did we receive from the OneRoomTels yesterday?"
"We received 1 . 8 million won from four OneRoomTels . "
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"Hmm . "
"Did you file the Four Major Public Insurance for the new residential manager?"
"No, I didn't because he didn't want it . "
"Then how do we classify him?"
"I listed him as a day laborer . "
"I see . I will be back later . "
"Okay . "
Gun-Ho went to the indoor golf practice facility . The coach came while Gun-Ho was practicing his swing by himself .
"You look prettier than the last time I saw you . "
"Don't be silly . I heard you went to China . "
"How did you know?"
"You didn't bring anything for me?"
"Oh, I forgot . "
"I'm just kidding . Keep practicing your swing . Don't lower your head . "
Gun-Ho spent about an hour in golf practicing before he sat at the café in the Education Community Center building to drink a fruit juice .
"I still have a lot of time before having to go back to the office . I want to get some fresh air . Maybe I should visit a golf field in Yongin City or Anseong City . I've never been in a golf field before . I've always practiced golf in an indoor facility . "
Gun-Ho visited two golf fields in Yongin City, and he liked them .
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"Nice . The green field looks so beautiful . "
Gun-Ho then headed to Anseong City .
"I want to see a golf field in Anseong City as well . The membership fee should be less pricey than the one in Yongin City . Gee, I gotta go to a bathroom . I'd better stop by the rest area . Oh, I see the Anseong rest area over there . "
After finishing his business in a restroom, he bought some snacks like walnut cookies and bananflavored milk . When he was having his snack in the rest area, he heard someone calling his name .
"Mr . Gun-Ho Goo?"
Gun-Ho lifted his head to look at the person .
"Oh, General affairs manager at YS Tech—Seon-Hong Hwang?"
"Mr . Goo, you look great . You seem to be doing very well . What do you do these days?"
"I'm running a small real estate development company . How's the president of YS Tech—Young-Sik Park?"
"They are all doing fine . "
The General affair manager looked a bit older than before . He lost some more hair and some new wrinkles appeared under his eyes .
"How's the company?"
"It's not doing well these days . "
"They are not selling well?"
"Don't get me started . Since our major client, Mulpasaneop is not doing well, our work reduced a lot accordingly . "
"What happened to Mulpasaneop?"
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"The president of Mulpasaneop's son started a business in China, and it didn't seem to work out . Our company used to sell products worth 500 million won to Mulpasaneop every month . Now, it was reduced to 300 million won . "
"Oh, I see . The company probably had to let go of many employees then . "
"Right . We used to have over 100 employees . Now we have only 70 employees . My job is not secured either . By the way, you look really great . You seemed to make a lot of money these days . "
"Haha . What are you talking about? Thank you anyway for saying it . "
Gun-Ho wanted to meet the president of YS Tech—Young-Sik Park .
"I wouldn't be able to come this far without him . I've forgotten about the person I should feel grateful for a long time . "
However, Gun-Ho didn't have enough sources to help his current financial situation . He couldn't just go see him carrying a pack of beef ribs as a present or give him some money to help him out . Any of those wouldn't help his current situation .
"Let's see how things go . I can go see him when he really really needs my help . "
The reason why YS Tech was having a financial difficulty was because of Mulpasaneop . Its major client, Mulpasaneop's financial problems affected YS Tech's business . The only way for YS Tech to survive, in Gun-Ho's view, was to diversify its clients . However, it was not easy for a vendor to attract more clients just by providing good quality products .
"It's all about connection . There is not much difference in the quality of products among vendors . The key is the network . "
The next day, when Gun-Ho came to his office in the morning, he assigned new work to Ji-Young .
"Ms . Ji-Young Jeong, do you know that you can see a company's information on the Financial Supervisory Service website? Through their Data Analysis, Retrieval and Transfer System (DART)?"
"Yes, I do . "
"Here are the names of two companies you need to monitor sometimes . Pay attention to their official announcements . You don't have to look at their old announcements; I need to know their official announcements from now . They are YS Tech and Mulpasaneop . "
"Okay, sir . "
"If you see any changes, let me know . Also, check their credit on a paid-website for more information . "
"Okay . "
While Gun-Ho was reading a newspaper after signing the daily report, Ji-Young came to Gun-Ho .
"I checked the two companies you gave me earlier on DART, but I can only find Mulpasaneop . YS Tech can't be found on their website . "
"Really? Then just keep an eye on the information of Mulpasaneop . "
"Okay, sir . "
Gun-Ho talked to himself with his eyes closed .
"YS Tech cannot be found on DART… I guess YS Tech was removed from the company list that is required to post their announcements because its sales revenue reduced significantly . "
Ji-Young printed out the financial statements of Mulpasaneop from the paid-website that provided companies information . Gun-Ho knew how to read and analyze financial statements to see a company's financial situation . He studied accounting when he worked at a factory, and he worked in accounting afterward in Asan . Moreover, as he ran his own business so far, he had been exposed more to accounting as a business owner . That added more depth to his accounting knowledge and understanding .
"The short-term debt is increasing . "
Gun-Ho paid attention to Mulpasaneop's debt which kept increasing .
"Their account payable and accrued expenses payable keep increasing . Their current financial status is very dangerous . "
The company seemed to be groaning with pain .
"This company has a lot of investment assets abroad . "
Gun-Ho started analyzing their profit and loss statement .
"Their sales reduced compared to last year, and their net income is negative . "
Gun-Ho could imagine that YS Tech would suffer with Mulpasaneop since it was YS Tech's major client . Mulpasaneop was not a KOSDAQ registered firm; however, it was a large and stable company . When Gun-Ho worked at YS Tech, the annual gross sales of Mulpasaneop was over 70 billion won .
"At that time, the company wanted to become a KOSDAQ registered firm; I guess it didn't work out . What went wrong? Their credit score is negative C . "
Gun-Ho decided to wait and see how things went with Mulpasaneop .