MIRA
INFORM REPORT
|
Report Date : |
30.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
S-ENERGY CO., LTD. |
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|
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Registered Office : |
10th Fl., E&C Venture Dream Tower 6-cha 197-28, Guro 3-dong,
Guro-gu, Seoul, Korea 152-719 |
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Country : |
South Korea |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
12.01.2001 |
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Com. Reg. No.: |
206-81-54253 |
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Legal Form : |
Listed Company |
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|
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Line of Business : |
Manufacture of Other Electric Motors, Generators and Transformers |
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No. of Employees : |
180 |
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 |
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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 |
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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 Information
|
Company Name |
S-ENERGY CO., LTD. (Korean Company Name : (주)에스에너지) |
|
Registered Address |
197-28, Guro 3-dong, Guro-gu, Seoul, Korea |
|
Building |
10th Fl., E&C Venture Dream Tower 6-cha |
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Zip Code |
152-719 |
|
Tel |
+82-2-801-7100 |
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Fax |
+82-2-801-8788 |
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E-mail |
inquiry@s-energy.co.kr |
|
Website |
www.s-energy.co.kr |
|
Trading Address |
10th Fl., E&C Venture Dream Tower
6-cha, 197-28, Guro 3-dong, Guro-gu, Seoul, Korea |
|
Tel |
+82-2-801-7100 |
|
Fax |
+82-2-801-8788 |
|
Other Address-Factory |
922, Tamnip-dong, Yuseong-gu, Daejeon,
Korea |
|
Type |
Export/Import |
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Industry |
Manufacture of Other Electric Motors, Generators and Transformers |
|
Main Business |
Solar Module, PCS |
|
Established (mm/dd/yyyy) |
01/12/2001 |
The Subject owns
the premises of registered HQ address and Factory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Inverters(32121705) |
|
Sell |
Roofing materials(30151500) |
|
Sell |
Batteries and cells and accessories(26111700) |
CEOs
|
Name |
Hong Sung-Min |
|
Date of Birth |
07/23/1960 |
|
Title |
President & CEO |
|
Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital (KRW) |
5,240,305,000 |
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Employees |
180 |
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Formation |
Listed Company (KOSDAQ : 095910) as of 10/16/2007 |
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Bank Details |
Kookmin Bank Korea Exchange Bank |
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Corporate Registered No. |
110111-2149890 |
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Business Registered No. |
206-81-54253 |
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Permit & Licenses |
03/2001 ISO 9001 Intl Trade No.: 30632064 |
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Shareholder Position |
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Company History |
01/12/2001 Incorporated as the present name 10/2007 Listed at KOSDAQ Market 05/2006 Moved to the present HQ address
from Hanyang University, 17, Haengdang-dong, Seongdong-gu, Seoul, Korea 06/2009 MOU with Dupont for BIPV |
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Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Hong Sung-Min |
Korean |
1960. 07. 23 |
Korea University, Korea |
|
Vice President/CFO |
Mr. |
Lee Yong-Ho |
Korean |
1963. 09. 05 |
Inhan University, Korea |
|
Sr. Executive Director |
Mr. |
Jang In-Cheol |
Korean |
1964. 11. 18 |
Seogang University, Korea |
|
Auditor |
Mr. |
Kim Jae-Chan |
Korean |
1952.10.15 |
- |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
147,996,368,627 |
129,146,175,959 |
-2,114,718,715 |
|
|
2010 |
230,600,970,544 |
93,627,160,069 |
8,010,235,098 |
|
2009 |
145,618,250,527 |
80,500,435,518 |
7,914,957,437 |
|
2008 |
99,059,155,584 |
47,835,843,614 |
1,131,361,755 |
|
2007 |
44,964,431,810 |
34,632,610,240 |
3,464,523,354 |
|
2006 |
25,011,273,317 |
12,330,766,875 |
2,908,675,534 |
|
2005 |
13,760,551,992 |
4,980,754,506 |
1,627,264,033 |
(*)09/2011 s figures are based on the K-IFRS Accounting System.
Financial Description
|
Authorized Capital(KRW) |
10,000,000,000 |
|
Paid-Up Capital(KRW) |
5,240,305,000 |
|
Total Issued Shares |
10,480,610 |
Balance
Sheet
|
Unit :
Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total
Assets |
129,146,175,959 |
98,516,116,918 |
|
|
Current Assets |
84,824,650,577 |
67,708,237,058 |
|
|
Cash
& Cash Equivalents |
21,289,361,476 |
29,185,649,284 |
|
|
Short-Term
Receivables |
980,000,000 |
800,000,000 |
|
|
Trade
Receivables & Other Receivables |
29,846,539,990 |
15,862,227,028 |
|
|
Current
Financial Instruments |
|
453,426,988 |
|
|
Derivatives |
|
230,364,116 |
|
|
Inventories |
23,847,031,974 |
17,042,230,777 |
|
|
Deferred
Income Tax Assets |
1,469,352,707 |
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|
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Other
Current Assets |
7,392,364,430 |
4,134,338,865 |
|
|
Non-Current Assets |
44,321,525,382 |
30,807,879,860 |
|
|
Non-Current
Financial Instruments |
|
108,600,000 |
|
|
Other
Non-Current Financial Instruments |
137,583,026 |
|
|
|
Marketable
Financial Instruments |
190,310,486 |
629,923,478 |
|
|
Investment_Subsidiaries |
2,896,807,247 |
2,527,096,622 |
|
|
Tangibles |
36,226,198,409 |
26,132,805,825 |
|
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Intangibles |
1,654,849,570 |
792,670,681 |
|
|
Deferred
Income Tax Assets |
2,598,542,644 |
144,224,254 |
|
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Other
Non-Current Assets |
617,234,000 |
472,559,000 |
|
|
Total Liabilities |
70,014,149,358 |
33,639,760,621 |
|
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Current Liabilities |
52,445,330,404 |
20,475,667,395 |
|
|
Trade
Payables & Other Payables |
31,051,372,902 |
10,143,858,074 |
|
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Short-Term
Borrowings |
13,320,600,000 |
7,445,600,000 |
|
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Derivatives |
5,344,196,272 |
561,872,999 |
|
|
Deferred
Income Tax Credit |
|
221,096,825 |
|
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Other
Current Financial Debts |
95,654,913 |
113,671,168 |
|
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Other
Current Liabilities |
2,633,506,317 |
1,989,568,329 |
|
|
Non-Current Liabilities |
17,568,818,954 |
13,164,093,226 |
|
|
Long-Term
Borrowings |
17,091,400,000 |
12,615,600,000 |
|
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Other
Non-Current Financial Debts |
477,418,954 |
548,493,226 |
|
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Capital Stock |
5,240,305,000 |
5,240,305,000 |
|
|
Capital
Surplus |
33,347,457,170 |
32,361,549,400 |
|
|
Profit
Surplus |
24,853,849,257 |
27,702,210,672 |
|
|
Others |
-4,309,584,826 |
-427,708,775 |
|
|
Total
Equity |
59,132,026,601 |
64,876,356,297 |
|
|
Liab.
& Shareholders Equity |
129,146,175,959 |
98,516,116,918 |
|
Balance
Sheet
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
93,627,160,069 |
80,500,435,518 |
47,835,843,614 |
|
Current Assets |
66,908,829,489 |
56,463,199,625 |
27,515,646,126 |
|
-Quick Assets |
49,866,598,712 |
42,693,109,967 |
14,385,661,633 |
|
-Inventories |
17,042,230,777 |
13,770,089,658 |
13,129,984,493 |
|
Fixed Assets |
26,718,330,580 |
24,037,235,893 |
20,320,197,488 |
|
-Investment |
1,951,894,715 |
2,289,150,309 |
3,424,500,807 |
|
-Tangibles |
22,532,361,105 |
19,066,273,988 |
14,501,191,437 |
|
-Intangibles |
646,630,681 |
496,584,821 |
496,584,821 |
|
-Others |
1,587,444,079 |
2,185,226,775 |
1,897,920,423 |
|
Total Liabilities |
32,133,149,827 |
30,379,882,949 |
18,041,113,174 |
|
Current Liabilities |
19,510,416,809 |
17,591,263,525 |
9,835,368,903 |
|
Fixed Liabilities |
12,622,733,018 |
12,788,619,424 |
8,205,744,271 |
|
Capital Stock |
5,240,305,000 |
5,110,305,000 |
2,205,152,500 |
|
Capital Surplus |
30,899,658,294 |
27,130,671,294 |
18,471,135,519 |
|
Profit Surplus |
24,978,302,253 |
17,683,509,855 |
9,768,552,418 |
|
Capital Adjustment |
375,744,695 |
196,066,420 |
-650,109,997 |
|
Total Equity |
61,494,010,242 |
50,120,552,569 |
29,794,730,440 |
|
Liab. & Shareholders Equity |
93,627,160,069 |
80,500,435,518 |
47,835,843,614 |
Income
Statement
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
147,996,368,627 |
|
|
|
Cost of Sold Goods |
138,545,367,218 |
|
|
|
Gross Profit |
9,451,001,409 |
|
|
|
Selling & Admin. Expenses |
-8,448,826,572 |
|
|
|
Operating Income |
113,125,257 |
|
|
|
Other Operating Income |
-1,974,493,570 |
|
|
|
Finance Income |
1,128,822,879 |
|
|
|
Finance Expenses |
3,736,164,137 |
|
|
|
Income Before Taxes |
-4,468,709,571 |
|
|
|
Income Taxes Expenses |
2,353,990,856 |
|
|
|
Net Income |
-2,114,718,715 |
|
|
Income
Statement
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
230,600,970,544 |
145,618,250,527 |
99,059,155,584 |
|
Cost of Sold Goods |
207,768,854,969 |
127,559,036,212 |
90,344,747,463 |
|
Gross Profit |
22,832,115,575 |
18,059,214,315 |
8,714,408,121 |
|
Selling & Admin. Expenses |
10,719,766,127 |
8,975,062,802 |
5,945,804,696 |
|
Operating Income |
12,112,349,448 |
9,084,151,513 |
2,768,603,425 |
|
Non-Operating Income |
5,923,029,908 |
4,475,873,023 |
3,738,155,795 |
|
Non-Operating Expenses |
9,636,728,521 |
5,209,237,400 |
6,163,071,113 |
|
Income Before Taxes |
8,398,650,835 |
8,350,787,136 |
343,688,107 |
|
Income Taxes Expenses |
388,415,737 |
435,829,699 |
-787,673,648 |
|
Net Income |
8,010,235,098 |
7,914,957,437 |
1,131,361,755 |
Cash
Flows
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Operating
Activities Cash Flows |
-3,635,433,073 |
|
|
|
Cash Flows from Operating |
-2,763,686,846 |
|
|
|
Interests Received |
335,026,208 |
|
|
|
Dividends Received |
700,000 |
|
|
|
Interests Paid |
-730,630,946 |
|
|
|
Income Taxes |
-476,841,489 |
|
|
|
Cash Flows from Investing |
-13,881,833,693 |
|
|
|
Cash Flows from Financing |
9,617,157,300 |
|
|
|
Increase/Decrease in Cash |
-7,900,109,466 |
|
|
|
Cash at the Beginning of Year |
29,185,649,284 |
|
|
|
Cash at the End of Year |
21,289,361,476 |
|
|
Cash
Flows
|
Unit :
Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows
from Operating |
-192,986,247 |
12,922,194,025 |
-3,590,370,004 |
|
-Net Income |
8,010,235,098 |
7,914,957,437 |
1,131,361,755 |
|
-Exp.
without Cash Outflow |
5,357,663,088 |
4,343,798,003 |
2,989,853,956 |
|
-Revenue
without Cash Inflows |
-718,715,803 |
-610,203,068 |
-949,386,431 |
|
-Changes in
Asset/ & Liability |
-12,842,168,630 |
1,273,641,653 |
-6,762,199,284 |
|
Cash Flows
from Investing |
-7,749,357,865 |
-6,656,456,487 |
-6,568,431,960 |
|
-Cash Inflow
from Investing |
4,614,974,004 |
4,586,623,898 |
19,683,538,607 |
|
-Cash
Outflows for Investing |
-12,364,331,869 |
-11,243,080,385 |
-26,251,970,567 |
|
Cash Flows
from Financing |
6,616,856,500 |
17,629,818,230 |
6,818,270,228 |
|
-Cash
Inflows from Financing |
26,988,580,046 |
68,578,464,972 |
8,044,462,488 |
|
-Cash
Outflows from Financing |
-20,371,723,546 |
-50,948,646,742 |
-1,226,192,260 |
|
Increase/Decrease
in Cash |
-1,325,487,612 |
23,895,555,768 |
-3,340,531,736 |
|
Cash at the
Beginning of Year |
30,511,136,896 |
6,615,581,128 |
9,956,112,864 |
|
Cash at the
End of Year |
29,185,649,284 |
30,511,136,896 |
6,615,581,128 |
Products, Technologies, Services Description
|
Main Products & Services |
Solar Power Module, PV Module, BIPV System,
Monitoring System, Terminal Unit Brand Name : GIGA |
Trade Partners & Competitors
|
Competitors |
SYMPHONY ENERGY CO., LTD. 671-2, YONG-DONG, GWANGSAN-GU, GWANGJU,
KOREA TEL:+82-62-949-7722 FAX:+82-62-949-7741 KPE CO., LTD. 1985-12, YEONSAN 2-DONG, YEONJE-GU, BUSAN,
KOREA TEL:+82-51-865-1010 FAX:+82-51-868-3870 TG-ENERGY INC. 2ND FL., WONBANG BLDG., 717-4, SUSEO-DONG,
GANGNAM-GU, SEOUL, KOREA TEL:+82-2-6230-0100 FAX:+82-2-6243-0004 |
Related Parties
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
S PLANT 1 HO CO., LTD.(110111-3718131) (95.0% held by the subject company) SEAI AMERICA INC. (100.0% held by the subject company) S-ENERGY EUROPE GMBH (100.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company FIRST FIRE & MARINE INSURANCE CO., LTD.(110111-0017586) DONGBU INSURANCE CO., LTD.(110111-0095285) |
Sales by Region
(Activity &
Markets)
The Subject imports
from Japan, Taiwan and Germany.
Court Action
Not Available.
News Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.64 |
|
|
1 |
Rs.77.79 |
|
Euro |
1 |
Rs.65.05 |
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.