MIRA INFORM REPORT
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Report Date : |
04.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SEOJIN AUTOMOTIVE CO., LTD. |
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Formerly Known As : |
Seojin Daikin Co.,
Ltd. |
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Registered Office : |
1280-9, Jeongwang 1-dong, Siheung-si, Gyeonggi-do, Korea, 3Na-609, Sihwa Industrial Complex, Zip Code429-932 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
05.10.1990 |
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Com. Reg. No.: |
133-81-25727 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Manufacture of Power Transmission for Motor Vehicles |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
South Korea |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Basic
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Company Name |
SEOJIN AUTOMOTIVE CO., LTD. (Ex. Company Name : SEOJIN CLUTCH CO., LTD., “(주)서진클러치”) (Korean Company Name : “(주)서진오토모티브”) |
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Registered Address |
1280-9, Jeongwang 1-dong, Siheung-si,
Gyeonggi-do, Korea |
|
Building |
3Na-609, Sihwa Industrial Complex |
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Zip Code |
429-932 |
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Tel |
+82-31-496-1500 |
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Fax |
+82-31-499-7760 |
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E-mail |
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Website |
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Trading Address |
3Na-609, Sihwa Industrial Complex, 1280-9,
Jeongwang 1-dong, Siheung-si, Gyeonggi-do, Korea |
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Tel |
+82-31-496-1500 |
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Fax |
+82-31-499-7760 |
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Other Address-Jeongnam Factory |
367-3,
Oil-ri, Jeongnam-myeon, Hwaseong-si, Gyeonggi-do, Korea |
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Tel |
+82-31-352-3481 |
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Fax |
+82-31-352-3474 |
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Other Address-Daegu Office |
1617-4, Bisan-dong,
Seo-gu, Daegu, Korea |
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Other Address-Seocho Office |
Rm.402,
1533, Seocho-dong, Seocho-gu, Seoul, Korea |
|
Type |
Export |
|
Industry |
Manufacture of Power Transmission for
Motor Vehicles |
|
Main Business |
Clutch, Clutch Cover, Clutch Disc, Fly
Wheel, Clutch Fancing, Brake Pad Lining, Driven Plate, Brake Band, Locker Damper |
|
Established (mm/dd/yyyy) |
10/05/1990 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Bearings(31171500) |
CEO’s
|
Name |
Choi Kwang-Sik |
|
Address |
Suite 101-902, 1091, Hwagok-dong,
Gangseo-gu, Seoul, Korea |
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Date of Birth |
02/27/1954 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital (KRW) |
11,272,000,000 |
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Employees |
279 |
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Formation |
Co., Ltd by Shares Venture Business |
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Bank Details |
Korea Exchange Bank-Shihwa Branch Industrial Bank of Korea-Shihwa Branch SC First Bank of Korea-Shihwa Branch |
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Corporate Registered No. |
134111-0031744 |
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Business Registered No. |
133-81-25727 |
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Permit & Licenses |
12/1995 ISO 9001 12/27/1996 Single PPM 10/1999 QS 9000 02/24/2009 ISO 14001 Int’l Trade No.: 150204 |
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Shareholder Position |
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Company History |
10/1966 Established as Seoul Steel Co.(Sole
Proprietorship) 10/05/1990 Incorporated as Seojin Daikin
Co., Ltd. 11/13/1997 Changed company name to SEOJIN CLUTCH CO., LTD. 07/27/1999 Designated as a Venture Business 06/08/2009 Designated as a Venture Business
again 06/03/2011 Changed company name to the
present name |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Choi Kwang-Sik |
Male |
Korean |
02/08/2010 |
|
Director |
Mr. |
Bae Seok-Doo |
Male |
Korean |
06/03/2011 |
|
Director |
Mr. |
Sul Jung-Soo |
Male |
Korean |
02/08/2010 |
|
Outside Director |
Mr. |
Shin Seok-Joong |
Male |
Korean |
06/03/2011 |
|
Outside Director |
Mr. |
Kwon Ki-Young |
Male |
Korean |
06/03/2011 |
|
Auditor |
Mr. |
Lee Jae-Yong |
Male |
Korean |
06/03/2011 |
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Supervisor of HQ Office |
Mr. |
Koo Won-Hoi |
Male |
Korean |
12/06/2006 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
110,441,636,570 |
132,228,410,390 |
9,267,881,818 |
|
|
2009 |
90,154,583,678 |
105,972,925,815 |
5,803,356,341 |
|
2008 |
80,971,653,791 |
103,553,714,483 |
1,258,626,035 |
|
2007 |
69,372,224,075 |
71,268,614,947 |
784,269,313 |
|
2006 |
64,141,159,521 |
69,397,313,586 |
649,217,972 |
Financial Description
|
Authorized Capital(KRW) |
36,000,000,000 |
|
Paid-Up Capital(KRW) |
11,272,000,000 |
|
Total Issues Shares |
2,140,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
132,228,410,390 |
105,972,925,815 |
103,553,714,483 |
|
Current Assets |
33,272,828,917 |
33,618,849,715 |
32,535,140,750 |
|
-Quick Assets |
23,113,268,873 |
22,711,802,711 |
20,327,827,561 |
|
-Inventories |
10,159,560,044 |
10,907,047,004 |
12,207,313,189 |
|
Fixed Assets |
98,955,581,473 |
72,354,076,100 |
71,018,573,733 |
|
-Investment |
36,891,932,335 |
15,154,777,752 |
15,471,183,371 |
|
-Tangibles |
59,812,460,918 |
55,185,618,478 |
53,437,551,268 |
|
-Intangibles |
1,248,214,810 |
1,631,987,297 |
1,725,615,128 |
|
-Others |
1,002,973,410 |
381,692,573 |
384,223,966 |
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Total Liabilities |
82,819,493,889 |
65,761,612,897 |
59,528,233,991 |
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Current Liabilities |
49,238,426,518 |
47,288,768,433 |
38,388,225,997 |
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Fixed Liabilities |
33,581,067,371 |
18,472,844,464 |
21,140,007,994 |
|
Capital Stock |
11,272,000,000 |
11,272,000,000 |
11,272,000,000 |
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Capital Surplus |
641,186,736 |
601,229,174 |
601,229,174 |
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Profit Surplus |
17,207,276,798 |
8,163,058,511 |
7,037,567,830 |
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Capital Adjustment |
20,288,452,967 |
20,175,025,233 |
25,114,683,488 |
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Total Equity |
49,408,916,501 |
40,211,312,918 |
44,025,480,492 |
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Liab. &
Shareholder’s Equity |
132,228,410,390 |
105,972,925,815 |
103,553,714,483 |
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Current Liabilities |
49,238,426,518 |
47,288,768,433 |
38,388,225,997 |
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Trade Payables |
15,996,282,445 |
14,148,764,374 |
12,286,033,469 |
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Short-Term Borrowings |
23,117,664,000 |
10,015,304,000 |
17,594,387,732 |
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Account Payables |
5,381,180,207 |
4,193,692,678 |
4,198,181,241 |
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Advance Receipts |
200,596,911 |
149,825,036 |
70,985,624 |
|
Withholdings |
183,067,490 |
152,932,334 |
132,395,584 |
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Accrued Expenses |
119,151,772 |
95,120,893 |
146,721,676 |
|
Accrued Income Tax |
913,843,693 |
12,122,130 |
116,058,932 |
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Current Portion of Long-Term Debts |
3,326,640,000 |
17,326,640,000 |
3,843,461,739 |
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Derivatives |
- |
132,744,716 |
- |
|
Deferred Income Tax |
- |
77,250,129 |
- |
|
Current Portion of Convertible Bonds |
- |
1,000,000,000 |
- |
|
Fixed
Liabilities |
33,581,067,371 |
18,472,844,464 |
21,140,007,994 |
|
Long-Term Borrowings |
14,328,992,000 |
1,398,260,000 |
14,224,900,000 |
|
Debentures |
6,500,000,000 |
6,500,000,000 |
- |
|
Convertible Bonds |
500,000,000 |
- |
1,000,000,000 |
|
Guarantee Deposit Withhold |
60,000,000 |
50,000,000 |
350,000,000 |
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Provision for Sales Guarantee |
813,580,892 |
982,651,683 |
- |
|
Non-Current Portion of
Deferred Income Tax Credit |
3,830,165,637 |
2,977,173,809 |
- |
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Provision for Severance & Retirement |
11,907,503,934 |
9,937,892,132 |
8,145,929,511 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
110,441,636,570 |
90,154,583,678 |
80,971,653,791 |
|
Cost of Sold Goods |
93,585,064,266 |
73,650,027,660 |
67,681,778,795 |
|
Gross Profit |
16,856,572,304 |
16,504,556,018 |
13,289,874,996 |
|
Selling & Admin. Expenses |
10,141,983,805 |
8,716,010,104 |
7,699,557,187 |
|
Operating Income |
6,714,588,499 |
7,788,545,914 |
5,590,317,809 |
|
Non-Operating Income |
8,951,093,356 |
3,923,348,281 |
3,907,542,051 |
|
Non-Operating Expenses |
4,591,952,005 |
4,850,834,210 |
8,005,784,588 |
|
Income Before Taxes |
11,073,729,850 |
6,861,059,985 |
1,492,075,272 |
|
Income Taxes Expenses |
1,805,848,032 |
1,057,703,644 |
233,449,237 |
|
Net Income |
9,267,881,818 |
5,803,356,341 |
1,258,626,035 |
Cash
Flows
|
|||
|
Unit : Korean
Won |
As of
12/31/2010 |
As of
12/31/2009 |
As of 12/31/2008 |
|
Cash Flows
from Operating |
8,570,546,161 |
11,033,956,550 |
7,992,612,566 |
|
-Net Income |
9,267,881,818 |
5,803,356,341 |
1,258,626,035 |
|
-Exp.
without Cash Outflow |
7,507,399,030 |
7,404,501,424 |
8,782,005,196 |
|
-Revenue
without Cash Inflows |
-6,974,613,033 |
-2,055,966,619 |
-815,444,711 |
|
-Changes in
Asset/ & Liability |
-1,230,121,654 |
-117,934,596 |
-1,232,573,954 |
|
Cash Flows
from Investing |
-23,409,740,010 |
-8,004,503,096 |
-11,144,551,406 |
|
-Cash Inflow
from Investing |
4,290,539,834 |
2,772,898,455 |
587,980,100 |
|
-Cash
Outflows for Investing |
-27,700,279,844 |
-10,777,401,551 |
-11,732,531,506 |
|
Cash Flows
from Financing |
11,341,624,972 |
-322,737,471 |
4,601,332,016 |
|
-Cash
Inflows from Financing |
29,727,519,000 |
11,000,000,000 |
17,585,592,811 |
|
-Cash
Outflows from Financing |
-18,385,894,028 |
-11,322,737,471 |
-12,984,260,795 |
|
Increase/Decrease
in Cash |
-3,497,568,877 |
2,706,715,983 |
1,449,393,176 |
|
Cash at the
Beginning of Year |
4,294,788,736 |
1,588,072,753 |
138,679,577 |
|
Cash at the End of Year |
797,219,859 |
4,294,788,736 |
1,588,072,753 |
Products, Technologies, Services Description
|
Main Products & Services |
Clutch, Clutch Cover, Clutch Disc, Fly Wheel, Clutch Fancing, Brake
Pad Lining, Driven Plate, Brake Band, Locker Damper |
Trade Partners & Competitors
|
Customers |
HYUNDAI MOTOR COMPANY(110111-0085450) KIA MOTORS CORPORATION(110111-0037998) HYUNDAI MOBIS CO., LTD.(110111-0215536) SSANGYONG MOTOR CO., LTD.(110111-0035132) |
|
Competitors |
GMB KOREA
CORP. 48,
SEONGSAN-DONG, SEONGSAN-GU, CHANGWON-SI, GYEONGSANGNAM-DO, KOREA TEL:+82-55-263-2131~5 FAX:+82-55-283-5725 VALEO PYEONG
HWA CO., LTD. 306-70, JANG-DONG, DALSEO-GU, DAEGU, KOREA TEL:+82-53-589-9114 FAX:+82-53-589-9570~5 MOTONIC
CORPORATION 8TH FL.,
S&S BLDG., 68-5, GYEONJI-DONG, JONGNO-GU, SEOUL, KOREA TEL:+82-2-730-8711 FAX:+82-2-720-9292 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
KOMOS CO., LTD.(KOREA) (30.48% held by the subject company) ECO PLASTIC CO., LTD.(KOREA) (35.10% held by the subject company) KOMOS AUTOMOTIVE INDIA SEOJIN CAM CO., LTD.(135111-0050173) SEKO GLOBAL TRADING CO., LTD.(KOREA) UNION CO., LTD.(KOREA) IUI CO., LTD.(KOREA) GRAND FERRY CO., LTD.(KOREA) |
|
Subsidiary |
SEOJIN AUTOMOTIVE (ZHANGJIANGANG) CO.,
LTD.(CHINA) (100.0% held by the subject company) 12, NORTH GUOTAI RD., ZHANGJIANGANG CITY,
JIANGSU, CHINA TEL:+86-512-5854-1500 FAX:+86-512-5854-2980 |
|
Cooperative Enterprise |
-Insured company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) |
Sales by Region
(Activity & Markets)
The Subject exports
to Asia, Middle East and Europe.
Court Action
No.
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.38 |
|
UK Pound |
1 |
Rs.72.21 |
|
Euro |
1 |
Rs.62.87 |
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.