MIRA
INFORM REPORT
|
Report Date : |
13.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHINSEGAE INTERNATIONAL CO., LTD. |
|
|
|
|
Registered Office : |
3rd Fl., Emponio Armani 79-16, Cheongdam-dong, Gangnam-gu, Seoul,
Korea 135-954 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
Date of Incorporation : |
25.10.1980 |
|
|
|
|
Com. Reg. No.: |
201-81-53657 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Women's Suits and Coats |
|
|
|
|
No. of Employees : |
805 |
RATING & COMMENTS
|
MIRAs Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Basic Information
|
Company Name |
SHINSEGAE INTERNATIONAL CO., LTD. (Korean Company Name : (주)신세계인터내셔날) |
|
Registered Address |
79-16, Cheongdam-dong, Gangnam-gu, Seoul,
Korea |
|
Building |
3rd Fl., Emponio Armani |
|
Zip Code |
135-954 |
|
Tel |
+82-2-3440-1234 |
|
Fax |
+82-2-3416-1101~6 |
|
E-mail |
boontheshop@sikorea.co.kr |
|
Website |
www.sikorea.co.kr;www.boontheshop.com |
|
Trading Address |
3rd Fl., Emponio Armani, 79-16,
Cheongdam-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-3440-1234 |
|
Fax |
+82-2-3416-1101~6 |
|
Other Address |
3rd Fl., Emponio Armani, 79-16,
Cheongdam-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-3440-1236 |
|
Fax |
+82-2-3416-1101~6 |
|
Other Address-BOON THE SHOP |
89-3, Cheongdam-dong, Gangnam-gu, Seoul,
Korea |
|
Tel |
+82-2-542-8006 |
|
Other Address-BOON THE SHOP |
79-13, Cheongdam-dong, Gangnam-gu, Seoul,
Korea |
|
Tel |
+82-2-3445-2841 +82-3447-77019(Ext.
121, M/S. Lee-So-Jung) |
|
Fax |
|
|
Other Address-Domestic |
Seshin Bldg., 129-11, Cheongdam-dong,
Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-3440-1357 +82-2-3440-1440 |
|
Fax |
+82-2-3440-1380 +82-2-3440-1018 |
|
Other Address-GAP Division |
3FL., 664-9, Sinsa-dong, Gangnam-gu,
Seoul, Korea |
|
Tel |
+82-2-3440-1309 |
|
Fax |
+82-2-515-1026 |
|
Other Address-Sinsa Branch |
629-19, Sinsa-dong, Gangnam-gu, Seoul,
Korea |
|
Tel |
+82-2-3440-1068 |
|
Fax |
+82-2-3440-1016 |
|
Other Address |
82-3, Cheongdam-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-542-8006 |
|
Fax |
+82-2-542-8199 |
|
Other Address-Cheongdam Ⅱ Branch |
99-19, Cheongdam-dong, Gangnam-gu, Seoul,
Korea |
|
Tel |
+82-2-3444-3300 |
|
Other Address-Cheongdam Ⅲ Branch |
118-15, Cheongdam-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-3444-0077 |
|
Fax |
+82-2-3440-1036 |
|
Type |
Export/Import |
|
Industry |
Wholesale of Shirts and Outer Garments |
|
Main Business |
Clothing |
|
Sub
Business |
Manufacture of Women's Suits and Coats |
|
Established (mm/dd/yyyy) |
10/25/1980 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Clothing(53100000) |
CEOs
|
Name |
Kim Hae-Sung |
|
Address |
Suite 203-904, 713-11, Yeoksam-dong,
Gangnam-gu, Seoul, Korea |
|
Date of Birth |
12/23/1958 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
35,700,000,000 |
|||||||||||||||
|
Employees |
805 |
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Formation |
Listed Company (Korea Stock Exchange : 031430) as of 07/14/2011 A Company of SHINSEGAE GROUP |
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Bank Details |
Hana Bank Korea Exchange Bank-Apgujung Branch |
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Corporate Registered No. |
110111-0282402 |
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|
Business Registered No. |
201-81-53657 |
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|
Permit & Licenses |
Intl Trade No.: 11298043 |
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Shareholder Position |
|
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|
Company History |
10/25/1980 Incorporated as KOREA
DISTRIBUTION INDUSTRY RESEARCH CO., LTD. 12/28/1995 Changed
company name to SHINSEGAE INTERNATIONAL CO., LTD. 01/17/1996 Changed company name to SI CO.,
LTD. 01/26/1996 Changed company name to the
present name 03/10/1998 Increased the authorized shares
to 10,000,000 shares from 1,000,000 shares 10/01/1998 Acquired FCN CO., LTD. 11/25/2000 Increased capital to
22,700,000,000 KRW from 8,700,000,000 KRW 10/13/2003 Moved to the present HQ address
from 599, Sinsa-dong, Gangnam-gu, Seoul, Korea |
|||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Date of Birth |
|
President & CEO |
Mr. |
Kim Hae-Sung |
Male |
Korean |
58.12 |
|
Director |
Mr. |
Yang Choon-Man |
Male |
Korean |
63.02 |
|
Director |
Mr. |
Cho Byung-Ha |
Male |
Korean |
62.02 |
|
Director |
Mr. |
Park Chang-Hern |
Male |
Korean |
51.01 |
|
Auditor |
Mr. |
Kim Jae-Cheon |
Male |
Korean |
54.11 |
|
Auditor |
Mr. |
Paul Husband |
Male |
UK |
65.11 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
574,115,445,151 |
513,211,190,876 |
28,856,359,085 |
|
|
2010 |
583,188,200,852 |
369,339,355,452 |
38,120,880,707 |
|
2009 |
439,017,187,152 |
304,420,988,653 |
24,928,078,926 |
|
2008 |
359,046,248,242 |
276,214,687,005 |
18,724,804,969 |
|
2007 |
276,433,048,705 |
225,157,401,751 |
18,850,106,288 |
|
2006 |
222,490,553,992 |
135,056,160,847 |
14,995,601,449 |
|
2005 |
191,919,863,417 |
109,692,811,199 |
12,993,158,939 |
|
2004 |
175,757,723,957 |
97,162,054,044 |
9,662,995,161 |
(*)09/2011 s figures are based on the K-IFRS Accounting System.
Financial Description
|
Authorized Capital(KRW) |
200,000,000,000 |
|
Paid-Up Capital(KRW) |
35,700,000,000 |
|
Total Issued Shares |
7,140,000 |
Balance
Sheet
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
513,211,190,876 |
369,282,054,613 |
|
|
Current
Assets |
246,552,370,277 |
198,335,722,800 |
|
|
Cash & Cash Equivalents |
11,487,283,966 |
38,889,100 |
|
|
Trade Receivables & Other
Receivables |
78,772,460,180 |
71,074,493,074 |
|
|
Inventories |
150,409,045,821 |
114,302,085,118 |
|
|
Derivatives |
138,184,251 |
|
|
|
Other Current Assets |
5,745,396,059 |
12,920,255,508 |
|
|
Non-Current
Assets |
266,658,820,599 |
170,946,331,813 |
|
|
Tangibles |
116,851,117,864 |
79,863,448,182 |
|
|
Investment_Real Estates |
40,742,111,402 |
23,801,740,367 |
|
|
Intangibles |
2,666,312,740 |
2,519,560,618 |
|
|
Investment_Related Companies |
19,678,985,538 |
16,123,666,225 |
|
|
Non-Current Financial Instruments |
28,830,445,807 |
27,711,689,463 |
|
|
Other Non-Current Assets |
57,889,847,248 |
20,926,226,958 |
|
|
Total
Liabilities |
167,576,095,150 |
180,563,041,089 |
|
|
Current
Liabilities |
154,760,362,025 |
171,317,919,294 |
|
|
Trade Payables & Other
Payables |
67,007,401,591 |
52,820,712,002 |
|
|
Short-Term Borrowings |
79,317,037,994 |
107,562,133,982 |
|
|
Accrued Income Tax |
6,664,302,666 |
9,113,459,493 |
|
|
Derivatives |
|
|
|
|
Other Current Liabilities |
1,771,619,774 |
1,821,613,817 |
|
|
Non-Current
Liabilities |
12,815,733,125 |
9,245,121,795 |
|
|
Provision for Severance &
Retirement |
6,198,370,387 |
4,312,908,877 |
|
|
Other Non-Current Liabilities |
6,617,362,738 |
4,932,212,918 |
|
|
Capital
Stock |
35,700,000,000 |
25,700,000,000 |
|
|
Capital Surplus |
123,627,795,000 |
5,400,000,000 |
|
|
Profit Surplus |
186,307,300,726 |
157,638,648,780 |
|
|
Total Equity |
345,635,095,726 |
188,719,013,524 |
|
|
Liab. & Shareholders Equity |
513,211,190,876 |
369,282,054,613 |
|
Balance
Sheet
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
369,339,355,452 |
304,420,988,653 |
276,214,687,005 |
|
Current Assets |
215,406,597,624 |
168,778,354,648 |
149,602,372,058 |
|
-Quick Assets |
101,104,512,506 |
70,914,829,086 |
64,925,109,347 |
|
-Inventories |
114,302,085,118 |
97,863,525,562 |
84,677,262,711 |
|
Fixed Assets |
153,932,757,828 |
135,642,634,005 |
126,612,314,947 |
|
-Investment |
15,968,428,332 |
9,467,031,772 |
7,217,940,429 |
|
-Tangibles |
103,665,188,549 |
94,265,021,696 |
89,075,098,433 |
|
-Intangibles |
1,335,968,850 |
990,000,920 |
1,245,915,735 |
|
-Others |
32,963,172,097 |
30,920,579,617 |
29,073,360,350 |
|
Total Liabilities |
180,162,640,730 |
156,270,578,382 |
153,093,814,458 |
|
Current Liabilities |
171,312,056,860 |
148,932,400,048 |
146,570,328,845 |
|
Fixed Liabilities |
8,850,583,870 |
7,338,178,334 |
6,523,485,613 |
|
Capital Stock |
25,700,000,000 |
22,700,000,000 |
22,700,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
163,578,096,728 |
125,532,157,021 |
100,679,019,095 |
|
Capital Adjustment |
-101,382,006 |
-81,746,750 |
-258,146,548 |
|
Total Equity |
189,176,714,722 |
148,150,410,271 |
123,120,872,547 |
|
Liab. & Shareholders Equity |
369,339,355,452 |
304,420,988,653 |
276,214,687,005 |
Income
Statement
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
574,115,445,151 |
|
|
|
Cost of Sold Goods |
303,571,016,117 |
|
|
|
Gross Profit |
270,544,429,034 |
|
|
|
Selling & Admin. Expenses |
235,148,258,366 |
|
|
|
Other Operating Income |
4,177,454,097 |
|
|
|
Other Operating Expenses |
1,121,937,340 |
|
|
|
Operating Income |
38,451,687,425 |
|
|
|
Income from Equity Method |
3,555,319,313 |
|
|
|
Finance Income |
5,574,987,653 |
|
|
|
Finance Expenses |
9,573,266,368 |
|
|
|
Income Before Taxes |
38,008,728,023 |
|
|
|
Income Taxes Expenses |
9,152,368,938 |
|
|
|
Net Income |
28,856,359,085 |
|
|
Income
Statement
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
583,188,200,852 |
439,017,187,152 |
359,046,248,242 |
|
Cost of Sold Goods |
270,001,350,237 |
205,763,125,996 |
157,404,685,767 |
|
Gross Profit |
313,186,850,615 |
233,254,061,156 |
201,641,562,475 |
|
Selling & Admin. Expenses |
268,343,178,652 |
204,753,858,621 |
172,350,955,435 |
|
Operating Income |
44,843,671,963 |
28,500,202,535 |
29,290,607,040 |
|
Non-Operating Income |
12,046,846,824 |
18,081,844,195 |
22,949,415,673 |
|
Non-Operating Expenses |
7,948,931,796 |
13,759,173,454 |
24,701,609,001 |
|
Income Before Taxes |
48,941,586,991 |
32,822,873,276 |
27,538,413,712 |
|
Income Taxes Expenses |
10,820,706,284 |
7,894,794,350 |
8,813,608,743 |
|
Net Income |
38,120,880,707 |
24,928,078,926 |
18,724,804,969 |
Cash
Flows
|
Unit :
Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Operating Activities Cash Flows |
14,706,156,614 |
|
|
|
Net
Income |
28,856,359,085 |
|
|
|
Adjustment |
2,475,632,296 |
|
|
|
Interests
Received |
391,418,089 |
|
|
|
Interests
Paid |
-2,591,860,353 |
|
|
|
Income
Taxes |
-14,425,392,503 |
|
|
|
Cash Flows from Investing |
-98,965,719,636 |
|
|
|
Cash
Inflow from Investing |
6,022,686,819 |
|
|
|
Cash
Outflows for Investing |
-104,988,406,455 |
|
|
|
Cash Flows from Financing |
95,707,957,888 |
|
|
|
Cash
Inflows from Financing |
130,000,000,000 |
|
|
|
Cash
Outflows from Financing |
-34,292,042,112 |
|
|
|
Increase/Decrease in Cash |
11,448,394,866 |
|
|
|
Cash at the Beginning of Year |
38,889,100 |
|
|
|
Cash at the End of Year |
11,487,283,966 |
|
|
|
Operating Activities Cash Flows |
14,706,156,614 |
|
|
Cash
Flows
|
Unit :
Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows
from Operating |
20,470,839,277 |
8,774,338,329 |
-12,409,214,564 |
|
-Net Income |
38,120,880,707 |
24,928,078,926 |
18,724,804,969 |
|
-Exp.
without Cash Outflow |
19,087,170,102 |
20,692,681,767 |
23,296,649,604 |
|
-Revenue
without Cash Inflows |
-4,160,894,156 |
-8,248,965,561 |
-16,233,915,427 |
|
-Changes in
Asset/ & Liability |
-32,576,317,376 |
-28,597,456,803 |
-38,196,753,710 |
|
Cash Flows
from Investing |
-27,973,137,855 |
-9,134,304,021 |
-9,392,004,580 |
|
-Cash Inflow
from Investing |
840,954,493 |
12,372,091,693 |
10,593,226,185 |
|
-Cash
Outflows for Investing |
-28,814,092,348 |
-21,506,395,714 |
-19,985,230,765 |
|
Cash Flows
from Financing |
7,520,843,162 |
364,788,463 |
21,772,599,149 |
|
-Cash
Inflows from Financing |
7,589,576,402 |
4,431,279,663 |
21,835,427,149 |
|
-Cash
Outflows from Financing |
-68,733,240 |
-4,066,491,200 |
-62,828,000 |
|
Increase/Decrease
in Cash |
18,544,584 |
4,822,771 |
-28,619,995 |
|
Cash at the
Beginning of Year |
20,344,516 |
15,521,745 |
44,141,740 |
|
Cash at the
End of Year |
38,889,100 |
20,344,516 |
15,521,745 |
Products, Technologies, Services Description
|
Main Products & Services |
Clothing (Men & Women, Shoes &
Accessories) Business Multi-Boutique Business : BOON THE SHOP /
BOON THE SHOPMEN (Philip Lim, Acne, Alexander Wang, Clu, Mayle, Helmut Leng,
Moncler, Ring, Repetto, Roeffler Randall, Marni, Dries Van Noten,Comme Des
Garcons,Marc Jacobs,Yohji Yamamoto) Brand Name : Giorgio Armani, Armani Collezioni, Emporio
Armani, Dolce&Gabbana, Calvin Klein, Escada, St.John Piazza Sempione,
Diesel, Marni, Vov, Myclo |
Trade Partners & Competitors
|
Suppliers |
KOREA RENTAL CORPORATION(110111-0639900) provides the office
equipments and machinery leasing services to the subject company. |
|
Customers |
SHINSEGAE CO., LTD.(110111-0028848) SHINSEGAE CHELSEA CO., LTD.(110111-3239228) GWANGJU SHINSEGAE. CO.,
LTD.(200111-0054795) |
|
Competitors |
HERMES KOREA LTD. 630-26, SINSA-DONG, GANGNAM-GU, SEOUL,
KOREA TEL:+82-2-544-7722 FAX:+82-2-545-1224 DOOSAN CORPORATION 31ST FL., DOOSAN TOWER BLDG., 18-12,
EULJIRO 6-GA, JUNG-GU, SEOUL, KOREA TEL:+82-2-3398-1121 FAX:+82-2-3398-1135 LG INTERNATIONAL CORP. 12TH FL., LG TWIN TOWER EAST ANNEX, 20,
YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-3773-5114 FAX:+82-2-3773-5273 |
Related Parties
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
SHINSEGAE CO., LTD.(110111-0028848) GWANGJU SHINSEGAE. CO.,
LTD.(200111-0054795) SHINSEGAE ENGINEERING & CONSTRUCTION
CO., LTD.(110111-0759493) SHINSEGAE INFORMATION & COMMUNICATION
CO., LTD.(110111-1408867) SHINSEGAE FOOD CO., LTD.(110111-0305288) THE WESTIN CHOSUN SEOUL(110111-0003999) SHINSEGAE L&B CO., LTD.(110111-4015338) STARBUCKS COFFEE KOREA CO.,
LTD.(110111-1461667) GREEN CITY CO., LTD.(134511-0057932) FAMILY FOOD CO., LTD.(134811-0068181) SHINSEGAE UIJEONGBU STATION DEVELOPMENT
CO., LTD.(110111-2670548) THE CHOSUNHOTEL BAKERY CO.,
LTD.(161511-0069091) SHINSEGAE CHELSEA CO., LTD.(110111-3239228) E-MART CO., LTD.(110111-4594952) HANAM UNION SQUARE CO., LTD.(135711-0074452) SHINSEGAE CHELSEA CO., LTD.(110111-3239228) (25.0% held by the subject company) |
|
Overseas Office |
UIA ST ANTONY, 20122, MILAN, ITALY TEL:+39-2-58-430405 FAX:+39-2-58-431182 |
|
Corporate Ownership |
SHINSEGAE CO., LTD.(110111-0028848) |
|
Major Shareholders |
SHINSEGAE CO., LTD.(110111-0028848) |
|
Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD(110111-0005078) |
Sales by Region
(Activity &
Markets)
|
Sales/ Unit :Mil KRW |
09/2011 |
2010 |
2009 |
|
Export |
242 |
- |
|
|
Domestic |
573,873 |
580,728 |
|
|
Total |
574,115 |
580,728 |
|
The Subject imports
from Italy and other European countries.
Court Action
Not Available.
News Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.42 |
|
|
1 |
Rs.81.92 |
|
Euro |
1 |
Rs.69.94 |
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 SCs 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.