MIRA
INFORM REPORT
|
Report Date : |
05.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUNG MI CO.,
LTD. |
|
|
|
|
Registered Office : |
1260, Naesam-ri, Juchon-myeon, Gimhae-si, Gyeongsangnam-do,
Korea 621-841 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
02.09.1976 |
|
|
|
|
Com. Reg. No.: |
622-81-02807 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Metal Doors, Windows, Shutters and Related Products |
|
|
|
|
No. of Employees : |
50 |
RATING & COMMENTS
|
MIRAs 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 : |
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 |
Basic Information
|
Company
Name |
SUNG MI CO., LTD. (Korean Company
Name : (주)성미) |
|
Registered Address |
1260, Naesam-ri, Juchon-myeon, Gimhae-si,
Gyeongsangnam-do, Korea |
|
Zip Code |
621-841 |
|
Tel |
+82-55-329-1117 |
|
Fax |
+82-55-329-1104 |
|
E-mail |
sungmi@sung-mi.co.kr |
|
Website |
|
|
Trading Address |
1260, Naesam-ri, Juchon-myeon, Gimhae-si,
Gyeongsangnam-do, Korea |
|
Tel |
+82-55-329-1117 |
|
Fax |
+82-55-329-1104 |
|
Type |
Export |
|
Industry |
Manufacture of Metal Doors, Windows, Shutters and Related Products |
|
Main Business |
Ship Fire Doors |
|
Established (mm/dd/yyyy) |
09/02/1976 |
The Subject owns
the premises of registered HQ address.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Heavy equipment components(22101700) |
|
Sell |
Doors(30171500) |
|
Sell |
Metal doors(30171505) |
|
Sell |
Marine craft systems and subassemblies(25111900) |
|
Buy |
Polyvinyl Chloride PVC(13102030) |
|
Buy |
Iron plate(30102203) |
CEOs
|
Name |
Son Wan-Hee |
|
Address |
180-5, Choeup-dong, Busanjin-gu, Busan, Korea |
|
Date of Birth |
09/20/1959 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
1,700,000,000,000 |
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|
Employees |
50 |
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|
Formation |
Co., Ltd by shares |
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|
Bank Details |
Industrial Bank of Korea-Busan Bujeon Dong
Branch |
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|
Corporate Registered No. |
184611-0009444 |
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|
Business Registered No. |
622-81-02807 |
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|
Permit & Licenses |
1999 CE Mark 1999 ISO 9001 Intl Trade No.: 24003823 |
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Shareholder Position |
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Company History |
05/07/1993 Incorporated as SUNG MI
CONSTRUCTION STEEL CO., LTD. 03/04/2000 Changed company name to the
present name 12/28/2004 Increased the authorized shares
to 280,000 shares from 80,000 shares 11/26/2008 Increased capital to 1,700,000,000,000
KRW from 900,000,000 KRW |
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|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Son Wan-Hee |
Male |
Korean |
03/06/2001 |
|
Co-President & CEO |
Mr. |
Choi Boo-Deuk |
Male |
Korean |
06/19/2006 |
|
Director |
Mr. |
Son Won-Hee |
Male |
Korean |
03/06/2001 |
|
Director |
Mr. |
Lee Jang-Choon |
Male |
Korean |
03/06/2001 |
|
Auditor |
Mr. |
Song Jae-Cheol |
Male |
Korean |
04/03/2009 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
34,011,359,112 |
19,392,947,671 |
889,559,998 |
|
|
2009 |
37,260,679,428 |
15,027,278,970 |
720,553,357 |
|
2008 |
41,226,389,343 |
14,040,210,922 |
833,434,174 |
|
2007 |
27,784,560,516 |
15,561,543,926 |
311,200,709 |
|
2006 |
21,550,623,393 |
12,572,683,953 |
182,450,299 |
|
2005 |
21,072,569,751 |
10,376,965,819 |
130,801,211 |
|
2004 |
18,119,798,959 |
11,149,517,425 |
(-)240,777,393 |
Financial Description
|
Authorized Capital(KRW) |
2,800,000,000 |
|
Paid-Up Capital(KRW) |
1,700,000,000 |
|
Total Issued Shares |
170,000 |
Balance
Sheet
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
19,392,947,671 |
15,027,278,970 |
14,040,210,922 |
|
Current Assets |
12,308,740,293 |
10,207,654,561 |
9,120,140,025 |
|
-Quick Assets |
9,207,689,034 |
7,117,346,980 |
5,049,577,479 |
|
-Inventories |
3,101,051,259 |
3,090,307,581 |
4,070,562,546 |
|
Fixed Assets |
7,084,207,378 |
4,819,624,409 |
4,920,070,897 |
|
-Investment |
698,867,866 |
614,829,316 |
962,954,731 |
|
-Tangibles |
4,945,483,702 |
2,786,283,306 |
2,609,425,135 |
|
-Intangibles |
936,288,210 |
914,944,187 |
844,128,431 |
|
-Others |
503,567,600 |
503,567,600 |
503,562,600 |
|
Total Liabilities |
13,568,235,208 |
10,092,126,505 |
9,825,611,814 |
|
Current Liabilities |
10,708,465,944 |
9,348,385,669 |
8,771,581,013 |
|
Fixed Liabilities |
2,859,769,264 |
743,740,836 |
1,054,030,801 |
|
Capital Stock |
1,700,000,000 |
1,700,000,000 |
1,700,000,000 |
|
Capital Surplus |
240,000,000 |
240,000,000 |
240,000,000 |
|
Profit Surplus |
3,884,712,463 |
2,995,152,465 |
2,274,599,108 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
5,824,712,463 |
4,935,152,465 |
4,214,599,108 |
|
Liab. & Shareholders Equity |
19,392,947,671 |
15,027,278,970 |
14,040,210,922 |
|
Current
Liabilities |
10,708,465,944 |
9,348,385,669 |
8,771,581,013 |
|
Trade Payables |
6,551,053,819 |
6,440,004,931 |
6,070,373,462 |
|
Short-Term Borrowings |
3,783,276,245 |
2,550,000,000 |
2,344,464,245 |
|
Account Payables |
23,097,690 |
65,477,308 |
38,858,457 |
|
Advance Receipts |
1,950,270 |
- |
8,114,428 |
|
Withholdings |
11,720,240 |
8,940,000 |
7,128,000 |
|
Accrued Income Tax |
77,080,670 |
- |
28,286,020 |
|
VAT Withhold |
|
|
25,027,191 |
|
Accrued Expenses |
260,287,010 |
283,963,430 |
249,329,210 |
|
Fixed
Liabilities |
2,859,769,264 |
743,740,836 |
1,054,030,801 |
|
Long-Term Borrowings |
2,410,000,000 |
320,000,000 |
480,000,000 |
|
Provision for Severance & Retirement |
821,180,223 |
649,597,541 |
594,510,601 |
Income
Statement
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
34,011,359,112 |
37,260,679,428 |
41,226,389,343 |
|
Cost of Sold Goods |
28,916,957,616 |
31,765,789,412 |
36,901,771,431 |
|
Gross Profit |
5,094,401,496 |
5,494,890,016 |
4,324,617,912 |
|
Selling & Admin. Expenses |
4,011,730,028 |
4,076,445,585 |
3,731,773,802 |
|
Operating Income |
1,082,671,468 |
1,418,444,431 |
592,844,110 |
|
Non-Operating Income |
702,844,442 |
320,192,346 |
1,362,732,638 |
|
Non-Operating Expenses |
800,085,432 |
1,004,358,890 |
1,089,457,624 |
|
Income Before Taxes |
985,430,478 |
734,277,887 |
866,119,124 |
|
Income Taxes Expenses |
95,870,480 |
13,724,530 |
32,684,950 |
|
Net Income |
889,559,998 |
720,553,357 |
833,434,174 |
Cash
Flows
|
Unit :
Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows
from Operating |
667,861,874 |
1,559,288,022 |
2,515,962,260 |
|
-Net Income |
889,559,998 |
720,553,357 |
833,434,174 |
|
-Exp.
without Cash Outflow |
1,022,594,148 |
1,047,135,714 |
872,813,519 |
|
-Revenue
without Cash Inflows |
-85,087,484 |
-6,309,103 |
-100,426,413 |
|
-Changes in
Asset/ & Liability |
-1,159,204,788 |
-202,091,946 |
910,140,980 |
|
Cash Flows
from Investing |
-3,515,981,558 |
-1,453,999,440 |
-517,572,327 |
|
-Cash Inflow
from Investing |
646,852,647 |
940,883,217 |
670,722,310 |
|
-Cash
Outflows for Investing |
-4,162,834,205 |
-2,394,882,657 |
-1,188,294,637 |
|
Cash Flows
from Financing |
3,323,276,245 |
45,535,755 |
-1,953,936,091 |
|
-Cash
Inflows from Financing |
4,032,372,700 |
3,311,074,195 |
3,466,434,590 |
|
-Cash
Outflows from Financing |
-709,096,455 |
-3,265,538,440 |
-5,420,370,681 |
|
Increase/Decrease
in Cash |
475,156,561 |
150,824,337 |
44,453,842 |
|
Cash at the
Beginning of Year |
275,006,372 |
124,182,035 |
79,728,193 |
|
Cash at the
End of Year |
750,162,933 |
275,006,372 |
124,182,035 |
Products, Technologies, Services Description
|
Main Products & Services |
Ship Fire Doors |
Trade Partners & Competitors
|
Suppliers |
WINSTEEL CO., LTD.(180111-0032407) |
|
Customers |
|
|
Competitors |
WARTSILA ACCOMMODATION SYSTEMS., KOREA INC. 68, BAEDUN-RI, HOEHWA-MYEON, GOSEONG-GUN,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-673-7315~8 FAX:+82-55-673-8083 SEBO TECH CO., LTD. 1469-17, SONGJEONG-DONG, GANGSEO-GU, BUSAN,
KOREA TEL:+82-51-831-4171~3 FAX:+82-51-831-4170 |
Related Parties
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
SUNGMI STECH CO., LTD.(195511-0066394) DALIAN JINSUNG MARINE PRODUCT CO., LTD. (66.00% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIRE INSURANCECO., LTD.(110111-0035893) |
Sales by Region
(Activity &
Markets)
|
Sales/ Unit : KRW |
2010 |
2009 |
2008 |
|
Export |
9,163,722,527 |
8,217,459,587 |
11,580,105,439 |
|
Domestic |
24,826,136,585 |
29,043,219,841 |
29,646,283,904 |
|
Others |
21,500,000 |
0 |
0 |
|
Total |
34,011,359,112 |
37,260,679,428 |
41,226,389,343 |
Not Available.
Court Action
No.
News Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.14 |
|
|
1 |
Rs.83.08 |
|
Euro |
1 |
Rs.69.25 |
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 SCs 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.