MIRA INFORM REPORT
|
Report Date : |
20.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SEIL SERES CO., LTD. |
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Registered Office : |
70-1, Samseong 1-dong, Gangnam-gu, Seoul, Korea, 4th Fl., Yeonseung Bldg., Zip code 135-870 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
22.05.1990 |
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Com. Reg. No.: |
106-81-60305 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Manufacturer of Sections for Ships |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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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 |
SEIL SERES CO.,
LTD. (Korean Company Name : “(주)세일세레스”) |
|
Registered Address |
70-1, Samseong 1-dong, Gangnam-gu, Seoul,
Korea |
|
Building |
4th Fl., Yeonseung Bldg. |
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Zip Code |
135-870 |
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Tel |
+82-2-3447-3371~6 |
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Fax |
+82-2-3444-2442 |
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E-mail |
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Website |
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Trading Address |
4th Fl., Yeonseung Bldg., 70-1, Samseong 1-dong,
Gangnam-gu, Seoul, Korea |
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Tel |
+82-2-3447-3371~6 |
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Fax |
+82-2-3444-2442 |
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Other Address-Busan Factory |
1597-3, Songjeong-dong, Gangseo-gu, Busan,
Korea |
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Tel |
+82-51-831-1858 |
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Fax |
+82-51-831-1864 |
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Other Address-Mokpo Branch |
2FL., 1143-3, Sang-dong,
Mokpo-si, Jeollanam-do, Korea |
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Tel |
+82-61-287-181 |
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Fax |
+82-61-287-1180 |
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Type |
Export/Import |
|
Industry |
Manufacture of Sections for Ships |
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Main Business |
Valve Automatic Controller, UIT Detector, Actuator, Power Supply |
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Established (mm/dd/yyyy) |
05/22/1990 |
The Subject owns
the premises of Busan factory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Marine environmental control
systems(25172703) |
|
Sell |
Integrated motion control systems(26111527) |
|
Sell |
Actuators(31251500) |
|
Sell |
Indicating and recording
instruments(41111900) |
|
Sell |
r actuators(31251511) |
|
Sell |
Power supply units(39121004) |
|
Buy |
Oil pumps(40151524) |
|
Buy |
Cast iron pipe(40142111) |
|
Buy |
Gaskets(31181500) |
|
Buy |
Mechanical wire(31151800) |
|
Buy |
Iron plate(30102203) |
|
Buy |
Steel channels(30101804) |
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Buy |
Hydraulic cylinders(27121602) |
|
Buy |
Gear units(26111524) |
|
Buy |
Valves(40141600) |
|
Buy |
Pipe fittings(40142300) |
|
Buy |
Motors(26101600) |
|
Buy |
Box(24112404) |
|
Buy |
Length and thickness and distance measuring
instruments(41111600) |
CEO’s
|
Name |
Yoo Jung-Hoon |
|
Address |
Suite 105-1403, 192, Geumgok-dong,
Bundang-gu, Seongnam-si, Gyeonggi-do, Korea |
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Date of Birth |
10/20/1962 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital (KRW) |
1,320,000,000 |
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Employees |
138 |
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Formation |
Co., Ltd by shares Venture Business |
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Bank Details |
Korea Exchange Bank Woori Bank-Yaksu Dong Branch Hana Bank Kokmin Bank |
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Corporate Registered No. |
110111-0700066 |
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Business Registered No. |
106-81-60305 |
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Permit & Licenses |
08/2000 CE Mark(ODMC) 10/22/2001 CE Mark(UIT) 06/24/2005 ISO 9001 by DNV Int’l Trade No.: 541349 |
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Shareholder Position |
(*)As of 03/2011, KIM SE-MYUNG and all other
shareholders agreed to transfer 100% shares to KSB KOREA CO., LTD.(110111-1019812). |
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Company History |
05/22/1990 Incorporated as the present name 12/10/1999 Designated as a Venture Business 12/17/1999 Increased capital to 280,000,000
KRW from 140,000,000 KRW 10/09/2000 Increased the authorized shares
to 400,000 shares from 56,000 shares 10/12/2000 Increased capital to 780,000,000
KRW from 280,000,000 KRW 08/28/2001 Increased capital to
1,000,000,000 KRW from 780,000,000 KRW 07/29/2002 Designated as an INNO-BIZ
Company 04/30/2004 Moved to the present HQ address from
4FL., Namsan Bldg., 448-144, Huam-dong, Yongsan-gu, Seoul, Korea 07/25/2005 Designated as an INNO-BIZ
Company again 07/28/2005 Designated as a Venture Business
again 07/11/2006 Increased capital to
1,300,000,000 KRW from 1,000,000,000 KRW 06/30/2007 Designated as a Venture Business
again 09/28/2007 Increased the authorized shares
to 4,000,000 shares from 400,000 shares 11/06/2007 Spin off the par value to 500
KRW from 5,000 KRW 06/30/2008 Designated as a Venture Business
again 06/30/2009 Designated as a Venture Business
again 07/31/2009 Increased the authorized shares
to 10,000,000 shares from 4,000,000 shares 09/09/2009 Increased capital to
1,320,000,000 KRW from 1,300,000,000 KRW |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Yoo Jung-Hoon |
Male |
Korean |
03/24/2011 |
|
Director |
Mr. |
Jung Keum-Young |
Male |
Korean |
03/24/2011 |
|
Director |
M/S. |
Jang Myung-Sook |
Female |
Korean |
03/24/2011 |
|
Auditor |
Mr. |
Cho Yong-Ho |
Male |
Korean |
03/24/2011 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
38,610,537,997 |
26,379,453,425 |
3,477,136,932 |
|
|
2009 |
35,884,447,799 |
22,208,321,530 |
3,620,884,829 |
|
2008 |
37,614,073,857 |
21,981,139,242 |
2,418,765,025 |
|
2007 |
25,637,845,460 |
15,471,735,876 |
535,809,324 |
|
2006 |
19,313,862,164 |
13,912,003,883 |
487,927,482 |
|
2005 |
16,485,243,828 |
12,747,564,885 |
277,216,985 |
Financial Description
|
Authorized Capital(KRW) |
2,000,000,000 |
|
Paid-Up Capital(KRW) |
1,320,000,000 |
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Total Issues Shares |
2,640,000 |
Balance
Sheet
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|||
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
26,379,453,425 |
22,208,321,530 |
21,981,139,242 |
|
Current Assets |
11,012,322,010 |
8,990,221,771 |
9,931,391,319 |
|
-Quick Assets |
4,685,821,513 |
3,579,328,177 |
3,894,853,333 |
|
-Inventories |
6,326,500,497 |
5,410,893,594 |
6,036,537,986 |
|
Fixed Assets |
15,367,131,415 |
13,218,099,759 |
12,049,747,923 |
|
-Investment |
1,391,025,131 |
1,356,950,036 |
739,236,051 |
|
-Tangibles |
12,315,411,642 |
10,074,776,255 |
10,025,508,976 |
|
-Intangibles |
288,007,861 |
389,345,682 |
139,107,584 |
|
-Others |
1,372,686,781 |
1,397,027,786 |
1,145,895,312 |
|
Total Liabilities |
19,202,895,684 |
14,015,255,178 |
15,744,887,090 |
|
Current Liabilities |
14,909,294,139 |
10,482,634,815 |
13,236,107,934 |
|
Fixed Liabilities |
4,293,601,545 |
3,532,620,363 |
2,508,779,156 |
|
Capital Stock |
1,320,000,000 |
1,320,000,000 |
1,300,000,000 |
|
Capital Surplus |
323,220,396 |
323,220,396 |
- |
|
Profit Surplus |
5,410,758,160 |
6,487,621,228 |
4,868,736,399 |
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Capital Adjustment |
122,579,185 |
62,224,728 |
67,515,753 |
|
Total Equity |
7,176,557,741 |
8,193,066,352 |
6,236,252,152 |
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Liab. &
Shareholder’s Equity |
26,379,453,425 |
22,208,321,530 |
21,981,139,242 |
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Current
Liabilities |
14,909,294,139 |
10,482,634,815 |
13,236,107,934 |
|
Trade Payables |
6,915,154,558 |
3,718,764,654 |
6,378,050,796 |
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Short-Term Borrowings |
5,538,000,000 |
4,538,000,000 |
4,475,066,378 |
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Account Payables |
420,584,641 |
390,356,333 |
189,986,930 |
|
Advance Receipts |
137,501,910 |
33,627,630 |
282,146,755 |
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Withholdings |
659,551,830 |
173,375,040 |
131,544,670 |
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Accrued Expenses |
296,929,416 |
350,511,701 |
4,408,484 |
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Accrued Income Tax |
452,544,540 |
719,074,780 |
671,778,456 |
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Current Portion of Long-Term Debts |
403,757,180 |
558,924,677 |
517,199,850 |
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Current Portion of Finance Lease Debts |
85,270,064 |
- |
214,547,615 |
|
Derivatives |
- |
- |
371,378,000 |
|
Fixed
Liabilities |
4,293,601,545 |
3,532,620,363 |
2,508,779,156 |
|
Long-Term Borrowings |
3,024,370,000 |
1,890,890,000 |
1,053,410,000 |
|
Long-Term Borrowings |
1,935,931,638 |
2,154,349,037 |
1,663,375,668 |
|
Long-Term Account Payables |
155,974,091 |
241,408,799 |
222,012,000 |
|
Finance Lease Debts |
125,723,113 |
- |
- |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
38,610,537,997 |
35,884,447,799 |
37,614,073,857 |
|
Cost of Sold Goods |
26,214,448,880 |
22,866,158,630 |
26,820,026,421 |
|
Gross Profit |
12,396,089,117 |
13,018,289,169 |
10,794,047,436 |
|
Selling & Admin. Expenses |
7,244,817,587 |
7,033,299,164 |
5,613,301,044 |
|
Operating Income |
5,151,271,530 |
5,984,990,005 |
5,180,746,392 |
|
Non-Operating Income |
406,345,288 |
820,641,155 |
1,501,354,633 |
|
Non-Operating Expenses |
1,103,483,926 |
2,207,618,153 |
3,530,728,662 |
|
Income Before Taxes |
4,454,132,892 |
4,598,013,007 |
3,151,372,363 |
|
Income Taxes Expenses |
976,995,960 |
977,128,178 |
732,607,338 |
|
Net Income |
3,477,136,932 |
3,620,884,829 |
2,418,765,025 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
6,543,565,199 |
4,902,016,058 |
4,285,233,083 |
|
-Net Income |
3,477,136,932 |
3,620,884,829 |
2,418,765,025 |
|
-Exp. without Cash Outflow |
1,533,803,175 |
3,278,710,713 |
3,906,173,190 |
|
-Revenue
without Cash Inflows |
-58,521,288 |
-291,311,722 |
-933,528,414 |
|
-Changes in
Asset/ & Liability |
1,591,146,380 |
-1,706,267,762 |
-1,106,176,718 |
|
Cash Flows from
Investing |
-3,292,994,127 |
-3,067,485,105 |
-4,821,230,779 |
|
-Cash Inflow
from Investing |
5,234,409,615 |
3,617,764,048 |
939,006,830 |
|
-Cash
Outflows for Investing |
-8,527,403,742 |
-6,685,249,153 |
-5,760,237,609 |
|
Cash Flows
from Financing |
-2,732,468,008 |
-1,468,038,516 |
511,691,225 |
|
-Cash
Inflows from Financing |
3,815,432,046 |
4,121,980,213 |
4,179,282,523 |
|
-Cash
Outflows from Financing |
-6,547,900,054 |
-5,590,018,729 |
-3,667,591,298 |
|
Increase/Decrease
in Cash |
518,103,064 |
366,492,437 |
-24,306,471 |
|
Cash at the
Beginning of Year |
850,824,161 |
484,331,724 |
508,638,195 |
|
Cash at the End of Year |
1,368,927,225 |
850,824,161 |
484,331,724 |
Products, Technologies, Services Description
|
Main Products & Services |
Valve Remote Control System |
Trade Partners & Competitors
|
Customers |
DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD.(110111-20958370 SAMSUNG HEAVY INDUSTRIES CO., LTD.(110111-0168595) HYUNDAI HEAVY INDUSTRIES CO., LTD.(181211-0000386) STX OFFSHORE & SHIPBUILDING CO., LTD.(111-0002814) |
|
Competitors |
HAN ENERGY SYSTEM CO., LTD. RM. 716, BIZ CENTER, SKN TECHNO PARK,
190-1, SANGDAEWON 1-DONG, JUNGWON-GU, SEONGNAM-SI, GYEONGGI-DO, KOREA TEL:+82-31-776-0333 FAX:+82-31-776-0330 JAEYOUNG SOLUTEC CO., LTD. 7-6, SONGDO-DONG, YEONSU-GU, INCHEON, KOREA TEL:+82-32-815-4401 FAX:+82-32-815-0104 DENSO PS CORPORATION 47, SEONGSAN-DONG, SEONGSAN-GU,
CHANGWON-SI, GYEONGSANGNAM-DO, KOREA TEL:+82-55-600-9509 FAX:+82-55-600-9787 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
SEIL SERES PTE. LTD. (70.0% held by the subject company) SEIL SERES MARINE CONTROL CO., LTD. (100.0% held by the subject company) |
|
Overseas Office |
SHANGHAI OFFICE RM.C, 26F. ZAO-FENG UNIVERSE BLDG., NO.
1800 WEST ZHONGSHAN RD., SHANGHAI, PR CHINA TEL:+86-21-6440-0790~1 FAX:+86-21-6440-0789 SINGAPORE OFFICE BLK 3015 #03-224, UBI ROAD 1 SINGAPORE
408704 TEL:+65-6848-4920 FAX:+65-6848-4327 |
|
Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
Sales by Region
(Activity & Markets)
The Subject deals
with the companies in Belgium, China, France, Hong Kong, India, Iran,
Singapore, UAE, Turkey and UK.
Court Action
No.
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
UK Pound |
1 |
Rs.72.43 |
|
Euro |
1 |
Rs.63.62 |
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.