|
Report Date : |
17.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHANGSHIN STEEL
CO., LTD. |
|
|
|
|
Registered Office : |
3rd Fl., Seojeon Bldg., 1330-9, Seocho 2-dong, Seocho-gu, Seoul, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
04.08.1994 |
|
|
|
|
Com. Reg. No.: |
119-81-16085 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Pipes and Tubes, of Non-cast Iron or Steel |
|
|
|
|
No. of Employees : |
90 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 |
|
Company
Name |
CHANGSHIN STEEL
CO., LTD. (Korean Company
Name : “(주)창신특수강”) |
|
Registered Address |
1330-9, Seocho 2-dong, Seocho-gu, Seoul,
Korea |
|
Building |
3rd Fl., Seojeon Bldg. |
|
Zip Code |
137-858 |
|
Tel |
+82-2-3472-3460 |
|
Fax |
+82-2-3472-3461 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
3rd Fl., Seojeon Bldg., 1330-9, Seocho
2-dong, Seocho-gu, Seoul, Korea |
|
Tel |
+82-2-3472-3460 |
|
Fax |
+82-2-3472-3461 |
|
Other Address-Gyeongju Factory |
137, Gaegok-ri, Oedong-eup, Gyeongju-si,
Gyeongsangbuk-do, Korea |
|
Tel |
+82-54-746-8090 |
|
Fax |
+82-54-746-8092 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Pipes and Tubes, of Non-cast Iron or Steel |
|
Main Business |
Stainless Steel Welded Tube, Round Tubes |
|
Established (mm/dd/yyyy) |
08/04/1994 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Stainless steel pipe(40142117) |
|
Name |
Chun Chang-Il |
|
Address |
Suite 13-1203, 1331, Seocho-dong,
Seocho-gu, Seoul, Korea |
|
Date of Birth |
02/04/1940 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,500,000,000 |
||||||||||||||||||
|
Employees |
90 |
||||||||||||||||||
|
Formation |
Co., Ltd by Shares |
||||||||||||||||||
|
Bank Details |
Industrial Bank of Korea-Samseon Station
Branch SC First Bank of Korea Hana Bank |
||||||||||||||||||
|
Corporate Registered No. |
110111-1064073 |
||||||||||||||||||
|
Business Registered No. |
119-81-16085 |
||||||||||||||||||
|
Permit & Licenses |
12/23/2004 Single PPM 2006 ISO 9001 Int’l Trade No.: 11087678 |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
08/04/1994 Incorporated as the present name 08/04/2000 Increased the authorized shares
to 200,000 shares from 40,000 shares 07/13/2006 Moved to the present HQ address
from 648, Yeoksam-dong, Gangnam-gu, Seoul, Korea 11/11/2009 Increased capital to 1,500,000,000 KRW
from 1,200,000,000 KRW |
||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Chun Chang-Il |
Male |
Korean |
08/04/2000 |
|
Director |
Mr. |
Ahn Byung-Man |
Male |
Korean |
03/16/1998 |
|
Director |
Mr. |
Jeon Yoon-Seok |
Male |
Korean |
04/16/2010 |
|
Auditor |
M/S. |
Lee Bong-Hee |
Female |
Korean |
08/04/1994 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
60,350,503,519 |
34,050,259,588 |
-1,159,482,129 |
|
|
2009 |
41,674,107,392 |
30,560,362,342 |
786,597,829 |
|
2008 |
42,742,368,756 |
26,229,321,966 |
1,644,230,696 |
|
2007 |
38,546,817,932 |
23,443,369,485 |
1,143,963,254 |
|
2006 |
32,001,773,826 |
18,910,484,156 |
1,513,641,001 |
Financial
Description
|
Authorized Capital(KRW) |
2,000,000,000 |
|
Paid-Up Capital(KRW) |
1,500,000,000 |
|
Total Issues Shares |
150,000(Common : 135,000 / Preferable : 15,000) |
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
34,050,259,588 |
30,560,362,342 |
26,229,321,966 |
|
Current Assets |
25,995,369,718 |
17,354,293,150 |
16,703,610,052 |
|
-Quick Assets |
12,251,324,197 |
9,448,904,203 |
8,080,253,935 |
|
-Inventories |
13,744,045,521 |
7,905,388,947 |
8,623,356,117 |
|
Fixed Assets |
8,054,889,870 |
13,206,069,192 |
9,525,711,914 |
|
-Investment |
1,086,518,089 |
5,270,946,361 |
1,098,559,340 |
|
-Tangibles |
6,628,360,536 |
7,707,952,831 |
8,199,986,574 |
|
-Intangibles |
340,011,245 |
227,170,000 |
227,166,000 |
|
Total Liabilities |
23,951,082,032 |
17,966,108,824 |
16,565,401,077 |
|
Current Liabilities |
20,290,142,430 |
10,365,942,961 |
8,418,588,728 |
|
Fixed Liabilities |
3,660,939,602 |
7,600,165,863 |
8,146,812,349 |
|
Capital Stock |
1,500,000,000 |
1,500,000,000 |
1,200,000,000 |
|
Capital Surplus |
2,243,734,800 |
2,243,734,800 |
- |
|
Profit Surplus |
7,480,331,179 |
8,850,518,718 |
8,463,920,889 |
|
Capital Adjustment |
-1,124,888,423 |
- |
- |
|
Total Equity |
10,099,177,556 |
12,594,253,518 |
9,663,920,889 |
|
Liab. & Shareholder’s Equity |
34,050,259,588 |
30,560,362,342 |
26,229,321,966 |
|
Current Liabilities |
20,290,142,430 |
10,365,942,961 |
8,418,588,728 |
|
Trade Payables |
10,277,484,429 |
6,210,437,157 |
4,234,453,410 |
|
Account Payables |
164,618,194 |
306,113,660 |
291,563,644 |
|
Withholdings |
69,399,705 |
50,168,980 |
43,456,450 |
|
Advance Receipts |
- |
- |
8,307 |
|
Current Portion of Long-Term Debts |
1,590,514,000 |
1,626,882,000 |
1,636,059,000 |
|
Accrued Income Tax |
433,095,349 |
- |
334,562,180 |
|
Accrued Expenses |
951,030,753 |
672,341,164 |
378,485,737 |
|
Short-Term Borrowings |
4,804,000,000 |
1,500,000,000 |
1,500,000,000 |
|
Current Portion of Debentures |
2,000,000,000 |
- |
- |
|
Fixed Liabilities |
3,660,939,602 |
7,600,165,863 |
8,146,812,349 |
|
Long-Term Borrowings |
3,413,540,000 |
4,997,341,000 |
5,843,883,500 |
|
Debentures |
- |
2,000,000,000 |
2,000,000,000 |
|
Provision for Severance & Retirement |
831,010,700 |
739,710,894 |
537,878,045 |
|
Long-Term Account Payables |
52,663,540 |
85,971,700 |
- |
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
60,350,503,519 |
41,674,107,392 |
42,742,368,756 |
|
Cost of Sold Goods |
53,376,343,474 |
36,942,846,366 |
37,681,868,682 |
|
Gross Profit |
6,974,160,045 |
4,731,261,026 |
5,060,500,074 |
|
Selling & Admin. Expenses |
3,928,578,726 |
3,967,907,761 |
2,885,328,770 |
|
Operating Income |
3,045,581,319 |
763,353,265 |
2,175,171,304 |
|
Non-Operating Income |
807,407,357 |
1,065,510,482 |
1,197,299,631 |
|
Non-Operating Expenses |
4,450,799,260 |
1,022,985,977 |
1,230,200,859 |
|
Income Before Taxes |
-597,810,584 |
805,877,770 |
2,142,270,076 |
|
Income Taxes Expenses |
561,671,545 |
19,279,941 |
498,039,380 |
|
Net Income |
-1,159,482,129 |
786,597,829 |
1,644,230,696 |
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
336,149,169 |
3,835,655,641 |
1,671,454,119 |
|
-Net Income |
-1,159,482,129 |
786,597,829 |
1,644,230,696 |
|
-Exp. without Cash Outflow |
5,359,652,054 |
3,632,086,160 |
2,699,503,557 |
|
-Revenue without Cash Inflows |
-57,748,686 |
-285,273,508 |
-107,873,008 |
|
-Changes in Asset/ & Liability |
-3,806,272,070 |
-297,754,840 |
-2,564,407,126 |
|
Cash Flows from Investing |
-257,595,247 |
-5,775,028,348 |
-1,687,633,061 |
|
-Cash Inflow from Investing |
640,528,224 |
248,180,963 |
191,986,430 |
|
-Cash Outflows for Investing |
-898,123,471 |
-6,023,209,311 |
-1,879,619,491 |
|
Cash Flows from Financing |
1,044,166,190 |
1,307,675,800 |
312,100,471 |
|
-Cash Inflows from Financing |
3,310,713,000 |
3,343,734,800 |
4,220,922,500 |
|
-Cash Outflows from Financing |
-2,266,546,810 |
-2,036,059,000 |
-3,908,822,029 |
|
Increase/Decrease in Cash |
1,122,720,112 |
-631,696,907 |
295,921,529 |
|
Cash at the Beginning of Year |
172,857,588 |
804,554,495 |
508,632,966 |
|
Cash at the End of Year |
1,295,577,700 |
172,857,588 |
804,554,495 |
|
Main Products & Services |
Stainless Steel Welded Tube, Round Tubes |
|
Competitors |
SEAH STEEL CORPORATION URI BLDG., 10, BONGNAEDONG 1-GA, JUNG-GU,
SEOUL, KOREA TEL:+82-2-3783-8114 FAX:+82-2-3783-8188 GANA STAINLESS STEEL CO., LTD. 1042, CHANGGOK-RI, PALTAN-MYEON,
HWASEONG-SI, GYEONGGI-DO, KOREA TEL:+82-31-352-4292 FAX:+82-31-354-1305~6 JINBANG STEEL KOREA CO., LTD. 605, HO-DONG, NAM-GU, POHANG-SI,
GYEONGSANGBUK-DO, KOREA TEL:+82-54-289-5700 FAX:+82-54-278-0421 |
|
Affiliates |
KYUNG STEEL CO., LTD.(171211-0052115) (40.0% held by the subject company) |
|
Subsidiary |
CS AUTOMOTIVE TUBING INC.(CANADA) (100.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured company HEUNGKUK FIRE & MARINE INSURANCE CO., LTD.(110111-0016728) FIRST FIRE & MARINE INSURANCE CO., LTD.(110111-0017586) |
Not Available.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
|
1 |
Rs.77.45 |
|
Euro |
1 |
Rs.64.89 |
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.