MIRA INFORM REPORT
|
Report Date : |
24.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
CENTURY CORP. |
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Formerly Known As : |
FINETEC CENTURY CORPORATION |
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Registered Office : |
300-16, Wolgok-ri, Cheongdo-eup, Cheongdo-gun, Gyeongsangbuk-do, Korea, Zip Code 714-805 |
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Country : |
South korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
18.03.2004 |
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Com. Reg. No.: |
312-81-67844 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Manufacture of Air Conditioning and Control Machines |
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No. of Employees
: |
187 Persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
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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 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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South korea
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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 |
CENTURY CORP. (Ex.
Company Name : FINETEC CENTURY CORPORATION) (Korean
Company Name : “(주)센추리”) |
|
Registered Address |
300-16,
Wolgok-ri, Cheongdo-eup, Cheongdo-gun, Gyeongsangbuk-do, Korea |
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Zip Code |
714-805 |
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Tel |
+82-31-646-8000 |
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Fax |
+82-31-646-8100 |
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E-mail |
webmaster@century.co.kr;webmaster@finetec-century.com
woojkim@finetec-century.com
; jungmoh@century.co.kr;hojlee@century.co.kr
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|
Website |
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Trading Address |
10th Fl., Kiturami Boiler Bldg., 1094,
Hwagok 6-dong, Gangseo-gu, Seoul, Korea |
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Tel |
+82-2-2600-9500 |
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Fax |
+82-2-2600-9519 |
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Other Address-Asan Factory |
2-9,
Dongsan-ri, Tangjeong-myeon, Asan-si, Chungcheongnam-do, Korea |
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Other Address-Gyeonggi Branch |
Rm.201,
584-2, Pajang-dong, Jangan-gu, Suwon-si, Gyeonggi-Do, Korea |
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Tel |
+82-31-251-1861 |
|
Fax |
+82-31-251-1860 |
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Other Address-Daegu Branch |
74-2, Sincheon-dong, Dong-gu, Daegu, Korea |
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Other Address-Gyunggi Branch |
1423-6, Gwanyang-dong,
Dongan-gu, Anyang-si, Gyeonggi-do, Korea |
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Other Address-Honam Branch |
893, Pungam-dong ,Seo-gu, Gwangju, Korea |
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Other Address-Daejeon Branch |
10-11, Yongjeon-dong, Dong-gu, Daejeon, Korea |
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Other Address-Changwon Branch |
179-6, Paryong-dong ,Changwon-si,
Gyeongsangnam-do, Korea |
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Other Address-Gyungnam Branch |
36-4, Daechang-dong 2-ga, Jung-gu, Busan, Korea |
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Other Address-Gangnam Branch |
951-18, Bangbae-dong ,Seocho-gu, Seoul, Korea |
|
Type |
Export/Import |
|
Industry |
Manufacture of Air Conditioning and Control Machines |
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Main Business |
Air Conditioner, Freezers, Cooling Tower, Air Compressors, Air
Handling Units |
|
Sub
Business |
Manufacture of Industrial Refrigerators and Refrigerating Equipment |
|
Established (mm/dd/yyyy) |
03/18/2004 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Air circulation and parts and
accessories(40101600) |
CEO’s
|
Name |
Choi Do-Sik |
|
Address |
Suite 104-908, 427-1, Sandong-ri,
Eumbong-myeon, Asan-si, Chungcheongnam-do, Korea |
|
Date of Birth |
03/10/1951 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital (KRW) |
43,999,985,000 |
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Employees |
187 |
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Formation |
Co., Ltd by shares |
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Bank Details |
Shinhan Bank Hana Bank Korea Exchange Bank Citi Bank, Korea Kookmin Bank Woori Bank SC First Bank of Korea |
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Corporate Registered No. |
164811-0029707 |
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Business Registered No. |
312-81-67844 |
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Permit & Licenses |
ISO 9001 & 14000 Certificates Int’l Trade No.: 45153594 |
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Shareholder Position |
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Company History |
03/18/2004
Incorporated as Century Industrial Co., Ltd. 03/27/2004
Increased capital to 7,000,000,000 KRW from 3,000,000,000 KRW 04/01/2005
Changed company name to the present name 01/02/2008
Moved to San 65-2, Boche-ri, Miyang-myeon, Anseong-si, Gyeonggi-do, Korea from 1, Dongsan-ri, Tangjeong-myeon, Asan-si, Chungcheongnam-do, Korea 05/30/2008 Issued the convertible bonds
amounting 2,000,000,000 KRW 10/30/2008 Moved to the present HQ address
from San 65-2, Boche-ri, Miyang-myeon, Anseong-si,
Gyeonggi-do, Korea 02/04/2009 Increased the authorized shares
to 15,000,000 shares from 5,600,000 shares 05/01/2009 Moved to the trading address
from 1st Fl., Kosmo Tower, 1002, Daechi 3-dong, Gangnam-gu, Seoul, Korea 05/11/2009 Changed company name to the
present name from FINETEC CENTURY CORPORATION 06/21/2009 Decreased capital to
9,000,000,000 KRW from 14,000,000,000 KRW 07/31/2008 Moved to the present HQ address
from 345, Boche-ri, Miyang-myeon, Anseong-si, Gyeonggi-do, Korea 10/13/2010 Increased capital to 43,999,985,000
KRW from 9,000,000,000 KRW |
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Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Choi Do-Sik |
Male |
Korean |
02/01/2010 |
|
Director |
Mr. |
Choi Jin-Min |
Male |
Korean |
04/08/2009 |
|
Director |
Mr. |
Baik Hyun-Soo |
Male |
Korean |
01/25/2011 |
|
Auditor |
Mr. |
Choi Do-Eun |
Male |
Korean |
04/08/2009 |
|
Auditor |
Mr. |
Oh Wang-Keun |
Male |
Korean |
03/05/2010 |
|
Supervisor of HQ |
Mr. |
Lee Kwang-Jin |
Male |
Korean |
09/10/2009 |
|
Supervisor of HQ |
Mr. |
Joo Jung-Hwan |
Male |
Korean |
09/10/2009 |
|
Supervisor of HQ |
Mr. |
Jung Jong-Mook |
Male |
Korean |
02/01/2010 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
115,735,924,144 |
75,807,859,989 |
3,231,054,528 |
|
|
2009 |
119,092,079,122 |
68,605,654,126 |
-29,771,334,277 |
|
2008 |
177,172,066,615 |
104,054,552,551 |
-3,485,019,903 |
|
2007 |
156,179,898,237 |
87,954,125,748 |
-6,403,094,005 |
|
2006 |
147,806,031,373 |
82,064,615,613 |
395,161,517 |
|
2005 |
99,374,688,970 |
68,225,560,326 |
5,794,899,041 |
|
2004 |
23,419,034,618 |
30,652,699,351 |
4,551,286,311 |
Financial Description
|
Authorized Capital(KRW) |
75,000,000,000 |
|
Paid-Up Capital(KRW) |
43,999,985,000 |
|
Total Issues Shares |
8,799,997 |
Balance
Sheet
|
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|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
75,807,859,989 |
68,605,654,126 |
104,054,552,551 |
|
Current Assets |
57,245,429,113 |
46,758,663,391 |
80,113,754,540 |
|
-Quick Assets |
47,248,744,651 |
35,500,587,981 |
54,471,399,958 |
|
-Inventories |
9,996,684,462 |
11,258,075,410 |
25,642,354,582 |
|
Fixed Assets |
18,562,430,876 |
21,846,990,735 |
23,940,798,011 |
|
-Investment |
11,267,577,500 |
12,672,571,692 |
11,218,131,852 |
|
-Tangibles |
3,436,970,176 |
4,447,505,207 |
9,408,312,578 |
|
-Intangibles |
165,832,200 |
301,112,646 |
731,897,757 |
|
-Others |
3,692,051,000 |
4,425,801,190 |
431,897,757 |
|
Total Liabilities |
52,948,841,434 |
83,856,922,112 |
88,356,507,753 |
|
Current Liabilities |
49,880,135,084 |
81,413,995,947 |
84,314,222,480 |
|
Fixed Liabilities |
3,068,706,350 |
2,442,926,165 |
4,042,285,273 |
|
Capital Stock |
43,999,985,000 |
9,000,000,000 |
14,000,000,000 |
|
Capital Surplus |
5,030,502,831 |
5,030,502,831 |
19,067,558 |
|
Profit Surplus |
-25,108,356,420 |
-28,339,410,948 |
1,431,923,329 |
|
Capital Adjustment |
-1,063,112,856 |
-942,359,869 |
247,053,911 |
|
Total Equity |
22,859,018,555 |
-15,251,267,986 |
15,698,044,798 |
|
Liab. & Shareholder’s Equity |
75,807,859,989 |
68,605,654,126 |
104,054,552,551 |
|
Current
Liabilities |
49,880,135,084 |
81,413,995,947 |
84,314,222,480 |
|
Trade Payables |
29,306,989,377 |
18,918,734,036 |
18,780,665,037 |
|
Short-Term Borrowings |
12,000,000,000 |
50,633,803,486 |
51,742,328,634 |
|
Short-Term Borrowings-Foreign Currency |
- |
- |
4,680,645,502 |
|
Account Payables |
3,504,949,205 |
8,358,482,145 |
4,015,715,010 |
|
Accrued Expenses |
75,162,502 |
76,987,913 |
144,159,290 |
|
Advance Receipts |
4,825,982,950 |
3,271,671,846 |
4,687,523,197 |
|
Withholdings |
137,051,050 |
94,316,521 |
173,185,810 |
|
Guarantee Deposit Withhold |
30,000,000 |
60,000,000 |
90,000,000 |
|
Fixed
Liabilities |
3,068,706,350 |
2,442,926,165 |
4,042,285,273 |
|
Convertible Bonds |
1,400,000,000 |
1,400,000,000 |
2,000,000,000 |
|
Provision for Sales Guarantee |
1,012,869,832 |
- |
- |
|
Provision for Severance & Retirement |
1,586,496,180 |
1,746,274,155 |
3,284,782,249 |
|
Long-Term Account Payables |
178,754,020 |
297,403,041 |
721,951,970 |
|
Leasehold Deposit Received |
4,000,000 |
4,000,000 |
- |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
115,735,924,144 |
119,092,079,122 |
177,172,066,615 |
|
Cost of Sold Goods |
101,056,297,200 |
115,957,812,523 |
164,035,333,926 |
|
Gross Profit |
14,679,626,944 |
3,134,266,599 |
13,136,732,689 |
|
Selling & Admin. Expenses |
12,423,591,242 |
15,760,571,655 |
19,569,808,584 |
|
Operating Income |
2,256,035,702 |
-12,626,305,056 |
-6,433,075,895 |
|
Non-Operating Income |
5,139,918,944 |
3,957,872,174 |
19,519,071,431 |
|
Non-Operating Expenses |
4,164,900,118 |
21,102,553,565 |
17,193,022,158 |
|
Income Before Taxes |
3,231,054,528 |
-29,770,986,447 |
-4,107,026,622 |
|
Income Taxes Expenses |
- |
347,830 |
-622,006,719 |
|
Net Income |
3,231,054,528 |
-29,771,334,277 |
-3,485,019,903 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
3,703,101,686 |
1,497,954,767 |
-9,607,110,080 |
|
-Net Income |
3,231,054,528 |
-29,771,334,277 |
-3,485,019,903 |
|
-Exp. without Cash Outflow |
5,541,512,311 |
22,299,220,544 |
14,648,748,612 |
|
-Revenue without Cash Inflows |
-486,906,484 |
-2,125,717,877 |
-15,658,927,234 |
|
-Changes in Asset/ & Liability |
-4,582,558,669 |
11,095,786,377 |
-5,111,911,555 |
|
Cash Flows from Investing |
-870,394,565 |
1,344,269,488 |
-5,178,457,147 |
|
-Cash Inflow from Investing |
1,985,790,849 |
10,482,526,855 |
35,945,496,218 |
|
-Cash Outflows for Investing |
-2,856,185,414 |
-9,138,257,367 |
-41,123,953,365 |
|
Cash Flows from Financing |
-3,806,613,425 |
-6,454,511,320 |
21,599,720,899 |
|
-Cash Inflows from Financing |
78,561,380,305 |
75,794,094,562 |
105,238,446,966 |
|
-Cash Outflows from Financing |
-82,367,993,730 |
-82,248,605,882 |
-83,638,726,067 |
|
Increase/Decrease in Cash |
973,906,304 |
3,612,287,065 |
6,814,153,672 |
|
Cash at the Beginning of Year |
4,061,857,076 |
7,674,144,141 |
859,990,469 |
|
Cash at the End of Year |
3,087,950,772 |
4,061,857,076 |
7,674,144,141 |
Products, Technologies, Services Description
|
Main Products & Services |
Packaged Air Conditioner Computer Room & Laboratory Air
Conditioner Crane Cab Cooler Marine Type Packaged Air Conditioner Warm Air Furnace Reciprocating Water Chiller Centrifugal Water Chiller Screw Water Chiller Absorption Chiller-Heater Absorption Water Chiller Marine Type Condensing Unit Cooling Tower Fan Coil Unit Air Handling Unit Fan Heat Pump Chiller Screw Compressor Condensing Unit After Cooler Electric-Deposition Painting System Spot Cooler Electric Motor |
Trade Partners & Competitors
|
Suppliers |
LS MTRON LTD.(134111-0168349) FINETEC(110111-0404361) |
|
Customers |
SEMI ELECTRONICS CO.,LTD(110111-1594799) KITURAMI BOILER CO., LTD.( 110111-0838148) KITURAMI-BUMYANG AIR CONDITIONING CO., LTD.( 134111-0002000) KITURAMI HOMSYS.CO., LTD.(124311-0002850) SHINSUNG ENGINEERING CO., LTD.(KOREA) AECL QNPC-CHINA LUNGMEN NPP-TAIWAN |
|
Competitors |
BC TAECHANG IND. CORP. DAE HEUNG MARINE CORP. LTD. DEOK SUNG ENGINEERING CO., LTD. DONGNAM MARINE CRANE CO., LTD. ESAB SEAH CORP. HYUNDAI WELDING CO., LTD. K. C. LTD. KUNSUL CHEMICAL IND. CO., LTD. KYUNG EUN CERAMICS CO., LTD. KYUNG SUNG CO., LTD. PIE PLUS SHINHAN MACHINERY CO., LTD. SUNG JIN GEOTEC CO., LTD. TECHMARINE S/W CO., LTD. WILSON WALTON CORRPRO KOREA WOOCHANG IND. CO., LTD. |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates-Domestic |
SEMI ELECTRONICS CO.,LTD(110111-1594799) (46.27% held by the subject company) HUMAN CENTURY CO., LTD.(110111-2221135) (25.00% held by the subject company) YURIM E&C CO., LTD.(KOREA) (41.18% held by the subject company) KITURAMI BOILER CO., LTD.(110111-0838148) KITURAMI-BUMYANG AIR CONDITIONING CO., LTD.(134111-0002000) KITURAMI HOMSYS.CO., LTD.(124311-0002850) SHINSUNG ENGINEERING CO., LTD.(KOREA) |
|
Affiliates-Overseas |
FINETEC CENTURY L.L.C(OMAN) (70.0% held by the subject company) KYUNGWON CENTURY AMERICA INC.(USA) (90.00% held by the
subject company) QINGDAO TECO CENTURY CO., LTD.(CHINA) (50.00% held by the
subject company) |
|
Overseas Office |
KYUNGWON CENTURY AMERICA, INC. (90.00% held by the subject company) |
|
Subsidiary |
SNS CO., LTD.(KOREA) (100.00% held by the subject company) |
|
Corporate Ownership |
NANOKEM CO., LTD.(174811-0005656) |
|
Major Shareholders |
NANOKEM CO., LTD.(174811-0005656) |
Sales by Region
(Activity & Markets)
The Subject deals with the companies in Taiwan, Poland and USA..
Court Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (Thousand KRW) |
Status |
|
|
Seoul Nambu District
Court |
KIBO(Korea) |
The Subject Company |
Compensation |
2,257,595 |
Proceeding |
|
|
Incheon District
Court |
Kim Jong-Seob |
The Subject Company |
Claim for
Compensation |
238,908 |
Proceeding |
|
|
Daegu District Court |
Yurim E&C Co.,
Ltd.(Korea) |
The Subject Company |
Confirmation of Not
Existing Debts |
63,000 |
The Subject won at 1st round |
|
|
Seoul Central
District Court |
Hansaeng Ocean & Air Co., ltd.(Korea) |
The Subject Company |
Transportation Fee |
14,649 |
The Subject was defeated at 1st round |
|
|
Seoul High Court |
Three Wels Ocean & Air Co., ltd.(Korea) |
The Subject Company |
Receivables |
94,365 |
The Subject won at 1st round |
|
|
Suwon District Court |
Yurim E&C Co.,
Ltd.(Korea) |
The Subject Company |
Receivables |
8,413,571 |
Proceeding |
|
|
Daegu District Court |
Shin Hyun-A |
The Subject Company |
Receivables |
22,393 |
Proceeding |
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.10 |
|
UK Pound |
1 |
Rs.81.30 |
|
Euro |
1 |
Rs.70.07 |
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.