MIRA INFORM REPORT

 

 

Report Date :

14.06.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

ESAB SEAH CORPORATION

 

 

Registered Office :

51, Seongju-dong, Changwon-si, Gyeongsangnam-do, Korea, Zip Code 641-120

 

 

Country :

South korea

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

19.12.1985

 

 

Com. Reg. No.:

609-81-24701

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Manufacture of Other Fabricated and Processed Metal Products

 

 

No. of Employees :

243

 

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 :

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

South korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Basic

 

Company Name

ESAB SEAH CORPORATION

(Korean Company Name : “(주)세아에삽”)

Registered Address

51, Seongju-dong, Changwon-si, Gyeongsangnam-do, Korea

Zip Code

641-120

Tel

+82-55-289-8111

Fax

+82-55-289-8864

E-mail

inohwang@esab.co.kr

Website

www.esab.co.kr

Trading Address

51, Seongju-dong, Changwon-si, Gyeongsangnam-do, Korea

Tel

+82-55-289-8111

Fax

+82-55-289-8399

Other Address-Seoul Office

23-2, Mullae-dong 5-ga, Yeongdeungpo-gu, Seoul, Korea

Tel

+82-2-803-9244()

Type

Export/Import

Industry

Manufacture of Other Fabricated and Processed Metal Products n.e.c

  Main Business

Flux Cared Wire, Submerged ARC Welding

Established (mm/dd/yyyy)

12/19/1985

The Subject owns the premises of registered HQ address.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Welding wire(23171510)

Sell

Welding rods(23171512)

Sell

Plasma welding machinery(23171518)

Sell

Welders(23171508)

Sell

Welding tools(23171511)

Buy

Extension cord(26121536)

Buy

Pressure gauge(23151820)

Buy

Base Metals(11101700)

Buy

Bare printed circuit boards(32131010)

Buy

Shells and casings(31261600)

 

 

CEO’s

 

Name

Yoo Deok-Sang

Address

Suite 102-801, 153, Seongju-dong, Seongsan-gu, Changwon-si, Gyeongsangnam-do, Korea

Date of Birth

06/18/1955

Title

President & CEO

Sex

Male

Nationality

Korean

Profiles

 

Capital (KRW)

3,840,000,000

Employees

243

Formation

Co., Ltd by shares

Foreign Direct Investment Corporation

A Company of SeAH Group

Bank Details

Hana Bank-Changwon Branch

Kookmin Bank

Corporate Registered No.

180111-0059047

Business Registered No.

609-81-24701

Permit & Licenses

09/1989 JIS

05/1991 KS Mark

06/1994 ISO 9002

07/1999 Single PPM by SMBA, Korea

06/2003 ISO 9001 by UKAS

05/2006 KS Mark

 

Int’l Trade No.: 427827

Shareholder Position

Name

Shares

%

SEAH HOLDINGS CORP(110111-2276809)

192,000

50.00

EXELVIA HOLDINGS B.V.

192,000

50.00

TOTAL

384,000

100.00

Company History

12/19/1985 Incorporated as KOREA ALLOY RODS CORP., as a JV between SEAH STEEL CORPORATION(110111-0118996) and ALLOY RODS GLOBAL INC.(USA)

07/07/1986 Registered as Foreign Direct Investment Corporation

05/01/1998 Changed company name to the present name

11/208 Awarded US$50 Million Export Top Prize

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

You Deok-Sang

Male

Korean

03/05/2009

Director

Mr.

Kim Si-Won

Male

Korean

03/11/2003

Director

Mr.

Jung Jin-Woo

Male

Korean

03/31/2005

Director

Mr.

Yunchiwoo Chan

Male

Ireland

03/05/2009

Director

Mr.

Daniel Alexis Prier

Male

USA

02/03/2012

Director

Mr.

Yang Hong-Nam

Male

Korean

03/21/2011

Director

Mr.

David John Eagon

Male

UK

02/03/2012

Auditor

Mr.

Choi Yong-Deuk

Male

Korean

03/25/2010

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2011

205,328,337,471

105,668,882,117

16,608,138,941

2010

181,257,737,731

94,479,092,506

14,942,892,357

2009

174,220,555,380

91,660,881,466

14,812,624,682

2008

155,026,821,850

93,514,765,370

12,064,960,849

2007

112,068,194,353

76,972,036,761

6,065,200,174

2006

108,277,707,035

68,672,078,971

9,039,482,758

2005

92,682,365,771

59,736,664,595

6,331,903,835

 

 

Financial Description

 

Authorized Capital(KRW)

5,000,000,000

Paid-Up Capital(KRW)

3,840,000,000

Total Issued Shares

384,000

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Total Assets

105,668,882,117

94,479,092,506

91,660,881,466

Current Assets

79,403,247,523

67,151,508,109

63,596,289,342

-Quick Assets

60,804,308,228

46,259,713,107

47,304,826,245

-Inventories

18,598,939,295

20,891,795,002

16,291,463,097

Fixed Assets

26,265,634,594

27,327,584,397

28,064,592,124

-Investment

1,151,458,312

990,342,461

825,453,867

-Tangibles

23,395,999,282

25,087,624,936

26,073,441,257

-Intangibles

1,718,177,000

1,249,617,000

1,165,697,000

Total Liabilities

37,584,825,891

31,803,175,221

32,827,856,538

Current Liabilities

36,556,442,903

30,704,509,560

30,038,376,023

Fixed Liabilities

1,028,382,988

1,098,665,661

2,789,480,515

Capital Stock

3,840,000,000

3,840,000,000

3,840,000,000

Capital Surplus

2,394,008,218

2,394,008,218

2,394,008,218

Profit Surplus

61,850,048,008

56,441,909,067

52,599,016,710

Capital Adjustment

　

　

　

Total Equity

68,084,056,226

62,675,917,285

58,833,024,928

Liab. & Shareholder’s Equity

105,668,882,117

94,479,092,506

91,660,881,466

 

Current Liabilities

36,556,442,903

30,704,509,560

30,038,376,023

Trade Payables

29,431,497,095

23,732,900,804

24,231,973,695

Account Payables

1,369,921,433

1,014,627,544

1,110,399,697

Accrued Expenses

2,397,104,033

2,178,108,843

2,116,962,163

Accrued Income Tax

3,030,585,574

3,124,036,973

1,406,302,146

Other Current Liabilities

327,334,768

654,835,396

1,172,738,322

Fixed Liabilities

1,028,382,988

1,098,665,661

2,789,480,515

Leasehold Deposit Received

45,000,000

117,990,000

183,940,000

Provision for Severance & Retirement

6,051,498,615

5,161,594,412

5,278,329,513

Deferred Income Tax Credit

983,382,988

980,675,661

1,159,526,426

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Sales

205,328,337,471

181,257,737,731

174,220,555,380

Cost of Sold Goods

174,444,481,235

152,946,207,715

145,843,597,488

Gross Profit

30,883,856,236

28,311,530,016

28,376,957,892

Selling & Admin. Expenses

10,285,945,108

9,940,808,231

10,391,638,866

Operating Income

20,597,911,128

18,370,721,785

17,985,319,026

Non-Operating Income

2,216,139,076

2,361,656,031

2,244,225,750

Non-Operating Expenses

1,087,945,770

1,418,376,122

1,500,477,745

Income Before Taxes

21,726,104,434

19,314,001,694

18,729,067,031

Income Taxes Expenses

5,117,965,493

4,371,109,337

3,916,442,349

Net Income

16,608,138,941

14,942,892,357

14,812,624,682

 

 

Cash Flows

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Cash Flows from Operating

21,215,121,381

11,143,933,328

14,404,553,937

-Net Income

16,608,138,941

14,942,892,357

14,812,624,682

-Exp. without Cash Outflow

4,229,230,735

4,608,876,135

4,530,617,910

-Revenue without Cash Inflows

-46,365,948

-36,880,182

-257,167,720

-Changes in Asset/ & Liability

424,117,653

-8,370,954,982

-4,681,520,935

Cash Flows from Investing

-1,928,592,344

723,258,100

-6,596,585,294

-Cash Inflow from Investing

6,480,189,330

3,554,044,090

6,223,297,444

-Cash Outflows for Investing

-8,408,781,674

-2,830,785,990

-12,819,882,738

Cash Flows from Financing

-11,289,605,191

-11,175,421,266

-15,923,601,679

-Cash Inflows from Financing

4,431,991

55,642,311

117,348,321

-Cash Outflows from Financing

-11,294,037,182

-11,231,063,577

-16,040,950,000

Increase/Decrease in Cash

7,996,923,846

691,770,162

-8,115,633,036

Cash at the Beginning of Year

9,851,617,015

9,159,846,853

17,275,479,889

Cash at the End of Year

17,848,540,861

9,851,617,015

9,159,846,853

 

Products, Technologies, Services Description

 

Main Products & Services

Flux Cared Wire, Submerged ARC Welding

 

 

Trade Partners & Competitors

 

Competitors

KISWEL CO., LTD.

721-3, HAKJANG-DONG, SASANG-GU, BUSAN, KOREA

TEL:+82-51-317-3131~40  FAX:+82-51-325-3627

 

CHEGIM WELDING CO., LTD.

42-499, IHYEON-DONG, SEO-GU, DAEGU, KOREA

TEL:+82-53-250-0600  FAX:+82-53-256-8117

 

HYUNDAI WELDING CO., LTD.

16TH FL., ILSONG BLDG., 157-37, SAMSEONG 1-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-6230-6010~2  FAX:+82-2-598-6928

 

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates-Domestic

SEAH HOLDINGS CORP(110111-2276809)

SEAH STEEL CORPORATION(110111-0118996)

SEAH METAL CO., LTD.(194311-0003292)

SEAH SPECIAL STEEL CO., LTD.(174611-0005478)

SEAH BESTEEL CORPORATION(110111-0035794)

KANG NAM CITY GAS CO., LTD.(110111-0385199)

KOREA BUNDY CORP.(134711-0001266)

ESAB SEAH CORP.(180111-0059047)

SEAH LOGISTICS CORP.(151111-0000847)

SEAH ENT CO., LTD(110111-0740707)

SEAH INVESTMENT DEVELOPMENT CO., LTD(120111-0039489)

SEAH COMMUNICATIONS CO., LTD.(110111-0862519)

SEAH INFORMATION SYSTEM CO., LTD.(110111-0613855)

DREAMLINE CORPORATION(110111-1447021)

SEAH TECHNICS CO., LTD.(110111-1243875)

SEAH SOLAR SYSTEMS CO., LTD.(110111-3788655)

HAIDUK CORPORATION(110111-0038011)

HAIDUK STEEL CO.,LTD(110111-2121145)

HOYEON TOURIST LEISURE INDUSTRY CO., LTD(131411-0176612)

SEAHBNK CO.,LTD.(135111-0084924)

OSAN PRECISION CORP.(131311-0029293)

Affiliates-Overseas

ESAB WELDING & CUTTING PRODUCTS

ESAB ASIA PACIFIC PTE.

ESAB SALDATURA SPA

SEAH JAPAN

SEAH STEEL AMERICA INC.

Overseas Office

OSAKA, JAPAN OFFICE

SHINOSAKA-EKIMAE-SUEHIRO BLDG 701, 7-6-12, NISHINAKAJIMA, YODOGAWAKU, OSAKA, JAPAN 532-0011

TEL:+81-6-6838-8782~3 FAX:+81-6-6838-8784

Corporate Ownership

CHARTER INTERNATIONAL PLC.

EXELVIA HOLDINGS B.V.

Major Shareholders

SEAH HOLDINGS CORP(110111-2276809)

EXELVIA HOLDINGS B.V.

Cooperative Enterprise

-Insured Company

MERITZ FIRE & MARINE INSURANCE CO., LTD(110111-0013328)

SAMSUNG LIFE INSURANCE CO., LTD.(110111-0005953)

LIG Insurance CO., LTD.(110111-0017859)

 

-Technical support(Flux Cored Welding Wires) from

ALLOY RODS GLOBAL INCORPORATION

 

-Welding Rods Processing Agreement with

MIJU CO., LTD.(180111-0272277)

 

 

Sales by Region

(Activity & Markets)

 

Not Available.

 

 

Court Action

 

No.

 

 

News Clipping

 

---

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.85

UK Pound

1

Rs.86.88

Euro

1

Rs.69.88

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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