MIRA INFORM REPORT
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Report Date : |
25.11.2011 |
IDENTIFICATION DETAILS
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Name : |
SHILLA CORPORATION |
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Registered Office : |
163, Sinpung-ri, Susin-myeon, Dongnam-gu, Cheonan-si, Chungcheongnam-do, Korea, Zip Code 330-882 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
19.02.1986 |
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Com. Reg. No.: |
124-81-37613 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Manufacture of Other Parts and Accessories for Motor Vehicles |
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No. of Employees
: |
155 Persons |
RATING & COMMENTS
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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 |
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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
SHILLA CORPORATION (Korean Company Name : “(주)신라정밀”) |
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Registered
Address |
163, Sinpung-ri, Susin-myeon, Dongnam-gu, Cheonan-si,
Chungcheongnam-do, Korea |
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Zip Code |
330-882 |
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Tel |
+82-41-552-9800 |
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Fax |
+82-41-552-5468 |
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E-mail |
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Website |
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Trading Address |
163, Sinpung-ri, Susin-myeon, Dongnam-gu, Cheonan-si,
Chungcheongnam-do, Korea |
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Tel |
+82-41-552-9800 |
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Fax |
+82-41-552-5468 |
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Other Address-2nd Factory |
811-4,
Jangsan-ri, Susin-myeon, Dongnam-gu, Cheonan-si, Chungcheongnam-do, Korea |
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Tel |
+82-41-552-9801 |
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Fax |
+82-41-552-9802 |
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Other Address- Seoul Branch |
Suite
106-609, Supervil Officetel, 1446-11, Seocho-dong, Seocho-gu, Seoul, Korea |
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Type |
Export/Import |
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Industry |
Manufacture of Other Parts and Accessories
for Motor Vehicles n. e. c. |
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Main Business |
Idle Pulley,
Comp Bracket Assy, Slewing Ring Bearing, Elevator Door Operating Pulley |
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Established
(mm/dd/yyyy) |
02/19/1986 |
The Subject owns the premises of registered HQ address.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
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Sell |
Bearings(31171500) |
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Sell |
Engine pulleys(26101721) |
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Sell |
Transmission pulleys(26111806) |
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Buy |
Ball bearings(31171504) |
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Buy |
Steel plate(30102204) |
CEO’s
|
Name |
Choi Ke-Youl |
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Address |
A-602, 1446-11, Seocho-dong,
Seocho-gu, Seoul, Korea |
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Date of Birth |
02/20/2001 |
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Title |
Co-President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital (KRW) |
2,025,000,000 |
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Employees |
155 |
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Formation |
Co., Ltd by shares |
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Bank Details |
Woori Bank-Suwon Branch Industrial Bank of Korea Citibank, Korea Woori Bank |
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Corporate Registered No. |
110111-0418239 |
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Business Registered No. |
124-81-37613 |
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Permit & Licenses |
12/1997 ISO 9002 02/2001 QS 9000 07/2004 ISO 9001/TS 16949 Int’l Trade No.: 338703 |
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Shareholder Position |
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Company History |
02/19/1986 Incorporated as the present name 11/2004 Awarded US$5 Million Export Top
Prize 06/2007 Designated as a Venture Business 04/25/2008 Increased the authorized shares
to 2,000,000 shares from 160,000 shares 04/25/2008 Increased capital to 900,000,000
KRW from 600,000,000 KRW 12/2008 Awarded US$20 Million Export Top
Prize 04/13/2009 Increased capital to
1,350,000,000 KRW from 900,000,000 KRW 12/2009 Awarded US$50 Million Export Top
Prize 04/01/2010 Increased capital to
2,025,000,000 KRW from 1,350,000,000 KRW |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
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Co-President & CEO |
Mr. |
Choi Ke-Youl |
Male |
Korean |
02/20/2001 |
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Co-President & CEO |
Mr. |
Kim Kwang-Sik |
Male |
Korean |
04/13/2009 |
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Director |
Mr. |
Hong Ki-Yeol |
Male |
Korean |
03/26/2007 |
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Auditor |
Mr. |
Choi Don-Yoo |
Male |
Korean |
11/08/2004 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
85,740,877,486 |
82,296,629,278 |
16,934,455,418 |
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2009 |
86,211,772,042 |
61,721,793,159 |
20,793,281,096 |
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2008 |
66,940,740,501 |
54,653,035,742 |
7,822,020,457 |
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2007 |
35,980,251,079 |
25,459,705,362 |
3,222,190,786 |
|
2006 |
21,846,097,787 |
15,351,861,200 |
856,382,388 |
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2005 |
19,688,418,867 |
14,926,128,452 |
1,065,741,201 |
|
2004 |
17,860,327,598 |
12,842,995,594 |
960,233,377 |
Financial Description
|
Authorized Capital(KRW) |
10,000,000,000 |
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Paid-Up Capital(KRW) |
2,025,000,000 |
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Total Issued Shares |
405,000 |
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 |
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Total Assets |
82,296,629,278 |
61,721,793,159 |
54,653,035,742 |
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Current Assets |
37,756,905,687 |
23,955,970,452 |
22,573,207,505 |
|
-Quick Assets |
32,180,192,614 |
21,484,127,061 |
17,791,792,693 |
|
-Inventories |
5,576,713,073 |
2,471,843,391 |
4,781,414,812 |
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Fixed Assets |
44,539,723,591 |
37,765,822,707 |
32,079,828,237 |
|
-Investment |
10,424,995,229 |
6,424,200,160 |
6,024,599,992 |
|
-Tangibles |
33,763,820,365 |
30,998,477,732 |
25,735,853,560 |
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-Intangibles |
104,987,197 |
15,462,753 |
- |
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-Others |
245,920,800 |
327,682,062 |
319,374,685 |
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Total Liabilities |
32,311,119,225 |
26,569,430,984 |
39,442,098,087 |
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Current Liabilities |
24,233,964,260 |
16,803,271,175 |
27,817,649,223 |
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Fixed Liabilities |
8,077,154,965 |
9,766,159,809 |
11,624,448,864 |
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Capital Stock |
2,025,000,000 |
1,350,000,000 |
900,000,000 |
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Capital Surplus |
- |
- |
- |
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Profit Surplus |
47,174,333,023 |
33,172,037,605 |
13,325,224,109 |
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Capital Adjustment |
786,177,030 |
630,324,570 |
985,713,546 |
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Total Equity |
49,985,510,053 |
35,152,362,175 |
15,210,937,655 |
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Liab. & Shareholder’s Equity |
82,296,629,278 |
61,721,793,159 |
54,653,035,742 |
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Current Liabilities |
24,233,964,260 |
16,803,271,175 |
27,817,649,223 |
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Trade Payables |
15,408,759,941 |
8,311,602,478 |
15,688,914,950 |
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Short-Term Borrowings |
- |
- |
4,590,000,000 |
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Account Payables |
1,576,019,360 |
1,530,096,268 |
2,922,355,464 |
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Advance Receipts |
271,924,503 |
481,510,697 |
307,388,425 |
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Withholdings |
90,911,010 |
122,039,960 |
47,040,600 |
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Accrued Expenses |
1,174,201,740 |
1,057,947,682 |
717,555,390 |
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Accrued Income Tax |
2,630,082,498 |
3,888,584,786 |
2,453,794,394 |
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Current Portion of Long-Term Debts |
3,082,065,208 |
1,411,489,304 |
1,090,600,000 |
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Fixed Liabilities |
8,077,154,965 |
9,766,159,809 |
11,624,448,864 |
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Long-Term Borrowings |
5,022,597,816 |
7,816,970,696 |
10,308,670,000 |
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Leasehold Deposit Received |
3,000,000 |
3,000,000 |
3,000,000 |
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Long-Term Account Payables |
202,121,420 |
379,544,380 |
188,584,837 |
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Deferred Income Tax Credit |
658,791,402 |
- |
- |
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Provision for Severance & Retirement |
2,996,995,945 |
2,305,683,022 |
1,607,124,036 |
Income
Statement
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Sales |
85,740,877,486 |
86,211,772,042 |
66,940,740,501 |
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Cost of Sold Goods |
58,105,399,055 |
47,704,582,294 |
47,589,411,778 |
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Gross Profit |
27,635,478,431 |
38,507,189,748 |
19,351,328,723 |
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Selling & Admin. Expenses |
7,584,790,548 |
6,820,391,804 |
5,428,680,633 |
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Operating Income |
20,050,687,883 |
31,686,797,944 |
13,922,648,090 |
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Non-Operating Income |
5,909,538,402 |
4,203,695,816 |
4,072,355,231 |
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Non-Operating Expenses |
4,678,006,781 |
10,201,046,751 |
7,699,212,470 |
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Income Before Taxes |
21,282,219,504 |
25,689,447,009 |
10,295,790,851 |
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Income Taxes Expenses |
4,347,764,086 |
4,896,165,913 |
2,473,770,394 |
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Net Income |
16,934,455,418 |
20,793,281,096 |
7,822,020,457 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Cash Flows from Operating |
19,309,365,843 |
30,505,625,060 |
10,160,930,338 |
|
-Net Income |
16,934,455,418 |
20,793,281,096 |
7,822,020,457 |
|
-Exp. without Cash Outflow |
6,235,129,691 |
5,408,548,915 |
5,346,642,920 |
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-Revenue without Cash Inflows |
-3,559,813,704 |
-1,067,511,839 |
-977,870,723 |
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-Changes in Asset/ & Liability |
-300,405,562 |
5,371,306,888 |
-2,029,862,316 |
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Cash Flows from Investing |
-16,349,122,636 |
-17,055,026,792 |
-18,006,334,951 |
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-Cash Inflow from Investing |
73,288,658,735 |
54,632,677,932 |
32,512,286,299 |
|
-Cash Outflows for Investing |
-89,637,781,371 |
-71,687,704,724 |
-50,518,621,250 |
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Cash Flows from Financing |
-3,801,229,172 |
-8,038,836,221 |
9,522,252,221 |
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-Cash Inflows from Financing |
6,546,218,610 |
18,272,341,031 |
42,631,693,405 |
|
-Cash Outflows from Financing |
-10,347,447,782 |
-26,311,177,252 |
-33,109,441,184 |
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Increase/Decrease in Cash |
-840,985,965 |
5,411,762,047 |
1,676,847,608 |
|
Cash at the Beginning of Year |
7,109,716,698 |
1,697,954,651 |
21,107,043 |
|
Cash at the End of Year |
6,268,730,733 |
7,109,716,698 |
1,697,954,651 |
Products, Technologies, Services Description
|
Main Products & Services |
Slewing Ring Bearings Idle Pulley, Comp Bracket Assy Elevator Door Operating Pulley |
Trade Partners & Competitors
|
Customers |
MANDO CORPORATION(131311-0030042) |
|
Competitors |
DAEHWA PRECISION CO., LTD. 250-5, GUNSEO-RI, JIKSAN-EUP, SEOBUK-GU,
CHEONAN-SI, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-588-5600 FAX:+82-41-588-5603 DONG HWA TECH CO., LTD. 3RA-117, SIHWA INDUSTRIAL COMPLEX, 1271-7,
JEONGWANG 1-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA TEL:+82-31-488-9601~4 FAX:+82-31-488-9605 KYUNGIN GEAR CO. 73B-5L, NAMDONG INDUSTRIAL COMPLEX, 643-4,
GOJAN-DONG, NAMDONG-GU, INCHEON, KOREA TEL:+82-32-710-1234 FAX:+82-32-710-5678 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Overseas Office |
CHANGZHOU SHILLA MACHINERY CO., LTD.(CHINA
SHILLA) (100.0% held by the subject company) NO.25 CHUANGYE EAST RD, BAIZHANG INDUSTRY
PARK, NEW NORTH DISTRICT, CHANGZHOU, JIANGSU, CHINA TEL :+86-519-85865-177 FAX :+86-519-85865-277 |
|
Cooperative Enterprise |
-Insured Company LIG INSURANCE CO., LTD.(110111-0017859) |
Sales by Region
(Activity & Markets)
The Subject exports
to USA, UK, France, India and New Zealand.
Court Action
Not Available.
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.25 |
|
UK Pound |
1 |
Rs.81.23 |
|
Euro |
1 |
Rs.69.83 |
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 |
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NB |
New Business |
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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.