MIRA INFORM REPORT

 

 

Report Date :

01.12.2012

 

IDENTIFICATION DETAILS

 

Name :

CENTURY CORP.

 

 

Formerly Known As :

FINETEC CENTURY CORPORATION

 

 

Registered Office :

300-16, Wolgok-ri, Cheongdo-eup, Cheongdo-gun, Gyeongsangbuk-do, Korea, Zip Code 714-805

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

18.03.2004

 

 

Com. Reg. No.:

312-81-67844

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Manufacturer of Air Conditioning and Control Machines

 

 

No. of Employees :

217 employees

 

 

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  

Payment Behaviour :

No Complaints 

Litigation :

Exists

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

South Korea - ECONOMIC OVERVIEW

 

South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies, and currently is among the world's 20 largest economies. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea''s development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. The South Korean economy''s long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP.

Source : CIA

Basic

 

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

Zip Code

714-805

Tel

+82-31-646-8000

Fax

+82-31-646-8100

E-mail

webmaster@century.co.kr;webmaster@finetec-century.com

woojkim@finetec-century.com  jungmoh@century.co.kr;hojlee@century.co.kr

Website

www.century.co.kr

Trading Address

10th Fl., Kiturami Boiler Bldg., 1094, Hwagok 6-dong, Gangseo-gu, Seoul, Korea

Tel

+82-2-2600-9500

Fax

+82-2-2600-9519

Other Address-Asan Factory

2-9, Dongsan-ri, Tangjeong-myeon, Asan-si, Chungcheongnam-do, Korea

Other Address-Gyeonggi Branch

Rm.201, 584-2, Pajang-dong, Jangan-gu, Suwon-si, Gyeonggi-Do, Korea

Tel

+82-31-251-1861

Fax

+82-31-251-1860

Other Address-Daegu Branch

74-2, Sincheon-dong, Dong-gu, Daegu, Korea

Other Address-Gyunggi Branch

1423-6, Gwanyang-dong, Dongan-gu, Anyang-si, Gyeonggi-do, Korea

Other Address-Honam Branch

893, Pungam-dong ,Seo-gu, Gwangju, Korea

Other Address-Daejeon Branch

10-11, Yongjeon-dong, Dong-gu, Daejeon, Korea

Other Address-Changwon Branch

179-6, Paryong-dong ,Changwon-si, Gyeongsangnam-do, Korea

Other Address-Gyungnam Branch

36-4, Daechang-dong 2-ga, Jung-gu, Busan, Korea

Other Address-Gangnam Branch

951-18, Bangbae-dong ,Seocho-gu, Seoul, Korea

Type

Export/Import

Industry

Manufacture of Air Conditioning and Control Machines

  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

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

43,999,985,000

Employees

217

Formation

Co., Ltd by shares

Bank Details

Shinhan Bank

Hana Bank

Korea Exchange Bank

Citi Bank, Korea

Kookmin Bank

Woori Bank

SC First Bank of Korea

Corporate Registered No.

164811-0029707

Business Registered No.

312-81-67844

Permit & Licenses

ISO 9001 & 14000 Certificates

 

Int’l Trade No.: 45153594

Shareholder Position

Name

Shares

%

CHOI JIN-MIN & OTHERS(1)

3,592,946

40.83

KITURAMI HOMSYS CO., LTD.(124311-0002850)

3,520,004

40.00

NANOKEM CO., LTD.(174811-0005656)

995,618

11.31

KITURAMI LAND CO., LTD.(115711-0000386)

440,000

5.00

KITURAMI FOUNDATION(114922-0004366 )

251,426

2.86

TREASURY STOCK

3

-

TOTAL

8,799,997

100.00

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

 

 

 

 

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

2011

    129,076,385,057

74,658,651,261

       6,444,155,338

2010

    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

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Total Assets

74,658,651,261

75,807,859,989

68,605,654,126

Current Assets

59,272,474,890

57,245,429,113

46,758,663,391

-Quick Assets

45,673,895,868

47,248,744,651

35,500,587,981

-Inventories

13,598,579,022

9,996,684,462

11,258,075,410

Fixed Assets

15,386,176,371

18,562,430,876

21,846,990,735

-Investment

10,003,203,104

11,267,577,500

12,672,571,692

-Tangibles

2,591,309,428

3,436,970,176

4,447,505,207

-Intangibles

48,715,529

165,832,200

301,112,646

-Others

2,742,948,310

3,692,051,000

4,425,801,190

Total Liabilities

44,861,066,064

52,948,841,434

83,856,922,112

Current Liabilities

42,469,570,669

49,880,135,084

81,413,995,947

Fixed Liabilities

2,391,495,395

3,068,706,350

2,442,926,165

Capital Stock

43,999,985,000

43,999,985,000

9,000,000,000

Capital Surplus

5,070,869,805

5,030,502,831

5,030,502,831

Profit Surplus

-18,721,912,559

-25,108,356,420

-28,339,410,948

Capital Adjustment

-551,357,049

-1,063,112,856

-942,359,869

Total Equity

29,797,585,197

22,859,018,555

-15,251,267,986

Liab. & Shareholder’s Equity

74,658,651,261

75,807,859,989

68,605,654,126

 

Current Liabilities

42,469,570,669

49,880,135,084

81,413,995,947

Trade Payables

30,723,547,251

29,306,989,377

18,918,734,036

Short-Term Borrowings

-

12,000,000,000

50,633,803,486

Account Payables

3,308,307,918

3,504,949,205

8,358,482,145

Accrued Expenses

-

-

76,987,913

Advance Receipts

7,970,532,273

4,825,982,950

3,271,671,846

Withholdings

-

-

94,316,521

Guarantee Deposit Withhold

-

-

60,000,000

Fixed Liabilities

467,183,227

242,213,552

-

Convertible Bonds

2,391,495,395

3,068,706,350

2,442,926,165

Provision for Sales Guarantee

900,000,000

1,400,000,000

1,400,000,000

Provision for Severance & Retirement

996,209,836

1,012,869,832

-

Long-Term Account Payables

475,747,613

248,917,472

1,746,274,155

Leasehold Deposit Received

-

-

297,403,041

Other Non-Current Liabilities

-

-

4,000,000

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Sales

129,076,385,057

115,735,924,144

119,092,079,122

Cost of Sold Goods

109,944,237,591

101,056,297,200

115,957,812,523

Gross Profit

19,132,147,466

14,679,626,944

3,134,266,599

Selling & Admin. Expenses

11,778,535,786

12,423,591,242

15,760,571,655

Operating Income

7,353,611,680

2,256,035,702

-12,626,305,056

Non-Operating Income

1,845,907,091

5,139,918,944

3,957,872,174

Non-Operating Expenses

2,755,363,433

4,164,900,118

21,102,553,565

Income Before Taxes

6,444,155,338

3,231,054,528

-29,770,986,447

Income Taxes Expenses

-

-

347,830

Net Income

6,444,155,338

3,231,054,528

-29,771,334,277

 

 

Cash Flows

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Cash Flows from Operating

18,171,358,780

3,703,101,686

1,497,954,767

-Net Income

6,444,155,338

3,231,054,528

-29,771,334,277

-Exp. without Cash Outflow

5,890,427,524

5,541,512,311

22,299,220,544

-Revenue without Cash Inflows

-195,731,285

-486,906,484

-2,125,717,877

-Changes in Asset/ & Liability

6,032,507,203

-4,582,558,669

11,095,786,377

Cash Flows from Investing

2,311,630,574

-870,394,565

1,344,269,488

-Cash Inflow from Investing

2,607,016,007

1,985,790,849

10,482,526,855

-Cash Outflows for Investing

-295,385,433

-2,856,185,414

-9,138,257,367

Cash Flows from Financing

-12,621,995,329

-3,806,613,425

-6,454,511,320

-Cash Inflows from Financing

                     -

78,561,380,305

75,794,094,562

-Cash Outflows from Financing

-12,621,995,329

-82,367,993,730

-82,248,605,882

Increase/Decrease in Cash

7,860,994,025

-973,906,304

3,612,287,065

Cash at the Beginning of Year

3,087,950,772

4,061,857,076

7,674,144,141

Cash at the End of Year

10,948,944,797

3,087,950,772

4,061,857,076

 

 

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.54.53

UK Pound

1

Rs.87.48

Euro

1

Rs.70.89

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.