|
Report Date : |
27.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
SBW INC. |
|
|
|
|
Registered Office : |
161-17, Samseong 1-dong, Gangnam-gu, |
|
|
|
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Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
02.05.2008 |
|
|
|
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Com. Reg. No.: |
120-87-27416 |
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|
|
|
Legal Form : |
Listed Company ( |
|
|
|
|
Line of Business : |
Manufacture of Underwear and Night Clothes |
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|
|
|
No. of Employees : |
346 |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Company Name |
SBW INC. (Korean Company Name : “(주)쌍방울”) |
|
Registered Address |
161-17, Samseong 1-dong, Gangnam-gu, |
|
Zip Code |
135-881 |
|
Tel |
+82-2-3485-6000 |
|
Fax |
+82-2-546-6862 |
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E-mail |
|
|
Website |
|
|
Trading Address |
161-17, Samseong 1-dong, Gangnam-gu, |
|
Tel |
+82-2-3485-6000 |
|
Fax |
+82-2-546-6862 |
|
Other Address-Iksan Factory |
827-7, Sinheung-dong, Iksan-si, |
|
Tel |
+82-63-838-5091 |
|
Type |
Export |
|
Industry |
Manufacture of Underwear and Night Clothes |
|
Main Business |
Underwear, Cotton Spinning Four, Material |
|
Established (mm/dd/yyyy) |
05/02/2008 |
The Subject owns
the premises of Iksan Factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Undergarments(53102300) |
|
Sell |
Nightwear(53102600) |
|
Sell |
Underpants(53102303) |
|
Sell |
Body shaping garments(53102307) |
|
Sell |
Undershirts(53102301) |
|
Sell |
Shirts and blouses(53101600) |
|
Sell |
Coats and jackets(53101800) |
|
Sell |
Sweaters(53101700) |
|
Sell |
Athletic wear(53102900) |
|
Sell |
Socks(53102402) |
|
Buy |
Yarns(11151700) |
|
Buy |
Cotton thread(11151601) |
|
Name |
Choi Je-Sung |
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Address |
|
|
Date of Birth |
04/30/1966 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
41,557,605,000 |
||||||||||||
|
Employees |
346 |
||||||||||||
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Formation |
Listed Company ( |
||||||||||||
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Bank Details |
Kookmin Bank Korea Exchange Bank |
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Corporate Registered No. |
110111-3891169 |
||||||||||||
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Business Registered No. |
120-87-27416 |
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Permit & Licenses |
Int’l Trade No.: 45348916 |
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Shareholder Position |
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Company History |
05/02/2008 Incorporated as TRY BRANDS INC.,
after split off from TEC&CO CO., LTD.(110111-0264343) 03/31/2010 Changed company name to
SSANGBANGWOOL & TRYGROUP INC. 08/31/2011 Changed company name to the
present name |
||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Date of Birth |
|
President & CEO |
Mr. |
Choi Je-Sung |
Male |
Korean |
1966.04.30 |
|
Director |
Mr. |
Park Sang-Min |
Male |
Korean |
1976.11.20 |
|
Director |
Mr. |
Kim Young-Mo |
Male |
Korean |
1973.03.17 |
|
Director |
Mr. |
Choi Woo-Hyang |
Male |
Korean |
1968.01.17 |
|
Outside Director |
Mr. |
Lee Kyu-Taik |
Male |
Korean |
1942.07.20 |
|
Outside Director |
Mr. |
Yang Jae-Sik |
Male |
Korean |
1965.11.27 |
|
Outside Director |
Mr. |
Yang Sun-Kil |
Male |
Korean |
1962.11.30 |
|
Auditor |
Mr. |
Kim Ki-Young |
Male |
Korean |
1965.04.28 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
(*)2011 |
150,463,258,955 |
117,974,603,682 |
5,357,973,931 |
|
(*)2010 |
130,520,344,437 |
109,311,448,211 |
4,859,678,575 |
|
2009 |
133,602,353,716 |
104,121,675,558 |
-3,744,856,561 |
|
2008 |
84,617,225,531 |
112,852,359,547 |
-82,211,651 |
(*)2010 & 2011‘s
figures are based on the K-IFRS Accounting System.
Financial Description
|
Authorized Capital(KRW) |
250,000,000,000 |
|
Paid-Up Capital(KRW) |
41,557,605,000 |
|
Total Issued Shares |
83,115,210 |
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total
Assets |
117,974,603,682 |
109,311,448,211 |
|
|
Current Assets |
85,136,745,893 |
74,486,235,178 |
|
|
Cash
& Cash Equivalents |
5,194,399,645 |
5,361,431,404 |
|
|
Current
Financial Instruments |
2,435,000,000 |
2,100,000,000 |
|
|
Trade
Receivables & Other Receivables |
41,920,837,295 |
31,528,493,954 |
|
|
Inventories |
35,429,272,251 |
30,944,676,793 |
|
|
Other
Current Assets |
157,236,702 |
4,551,633,027 |
|
|
Non-Current Assets |
32,837,857,789 |
34,825,213,033 |
|
|
Investment_Subsidiaries |
14,735,405,107 |
14,735,405,108 |
|
|
Marketable
Financial Instruments |
3,001,000 |
3,001,000 |
|
|
Long-Term
Trade Receivables & Other Receivables |
5,797,316,914 |
5,722,881,044 |
|
|
Tangibles |
11,113,061,269 |
11,924,567,171 |
|
|
Intangibles |
626,644,864 |
731,340,914 |
|
|
Deferred
Income Tax Assets |
212,428,635 |
1,092,578,070 |
|
|
Other
Non-Current Assets |
350,000,000 |
615,439,726 |
|
|
Total Liabilities |
44,540,820,819 |
40,904,597,559 |
|
|
Current Liabilities |
42,259,425,670 |
33,428,495,262 |
|
|
Trade
Payables & Other Payables |
13,388,398,130 |
6,687,871,272 |
|
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Short-Term
Borrowings |
25,221,609,392 |
23,288,457,200 |
|
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Other
Current Liabilities |
2,455,348,910 |
2,183,374,902 |
|
|
Current
Portion of Provisions |
126,620,315 |
227,691,261 |
|
|
Accrued
Income Tax |
1,067,448,923 |
1,041,100,627 |
|
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Non-Current Liabilities |
2,281,395,149 |
7,476,102,297 |
|
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Long-Term
Borrowings |
- |
4,300,000,000 |
|
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Non-Current Liabilities |
1,870,322,294 |
2,059,938,671 |
|
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Confirmed
Salaries |
411,072,855 |
33,959,530 |
|
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Deferred
Income Tax Credit |
- |
1,082,204,096 |
|
|
Capital Stock |
41,557,605,000 |
41,557,605,000 |
|
|
Capital
Surplus |
11,581,608,724 |
11,581,608,724 |
|
|
Others |
(6,134,163) |
(6,134,163) |
|
|
Profit
Surplus |
20,300,703,302 |
15,273,771,091 |
|
|
Total
Equity |
73,433,782,863 |
68,406,850,652 |
|
|
Liab.
& Shareholder’s Equity |
117,974,603,682 |
109,311,448,211 |
|
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
150,463,258,955 |
130,520,344,437 |
|
|
Cost
of Sold Goods |
110,980,127,471 |
92,765,316,817 |
|
|
Gross
Profit |
39,483,131,484 |
37,755,027,620 |
|
|
Selling
& Admin. Expenses |
31,619,651,129 |
28,016,694,980 |
|
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Other
Operating Income |
335,335,328 |
154,213,241 |
|
|
Other
Operating Expenses |
712,408,150 |
891,706,906 |
|
|
Operating
Income |
7,486,407,533 |
9,000,838,975 |
|
|
Finance
Income |
2,327,269,428 |
1,096,606,802 |
|
|
Finance
Expenses |
3,343,390,487 |
4,366,492,721 |
|
|
Income
Before Taxes |
6,470,286,474 |
5,730,953,056 |
|
|
Income
Taxes Expenses |
1,112,312,543 |
871,274,481 |
|
|
Net
Income |
5,357,973,931 |
4,859,678,575 |
|
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Operating
Activities Cash Flows |
1,936,224,616 |
4,831,542,446 |
|
|
Net Income |
5,357,973,931 |
4,859,678,575 |
|
|
Adjustment |
4,260,764,434 |
7,516,105,527 |
|
|
Changes in Asset/ & Liability |
-4,680,275,008 |
-4,406,890,014 |
|
|
Interests Received |
210,595,676 |
341,618,801 |
|
|
Interests Paid |
-1,924,815,509 |
-3,475,093,273 |
|
|
Income Taxes |
-1,288,018,908 |
-3,877,170 |
|
|
Cash
Flows from Investing |
349,195,393 |
-1,929,735,863 |
|
|
Cash Inflow from
Investing |
6,559,004,081 |
2,950,797,830 |
|
|
Cash Outflows for
Investing |
-6,209,808,688 |
-4,880,533,693 |
|
|
Cash
Flows from Financing |
-2,451,872,820 |
-6,862,926,294 |
|
|
Cash Inflows from
Financing |
20,836,584,380 |
42,612,311,979 |
|
|
Cash Outflows from
Financing |
-23,288,457,200 |
-49,475,238,273 |
|
|
Increase/Decrease in Cash |
-166,452,811 |
-3,961,119,711 |
|
|
Cash at the Beginning of Year |
5,361,431,404 |
9,322,508,687 |
|
|
Cash at the End of Year |
5,194,399,645 |
5,361,431,404 |
|
|
Operating Activities Cash Flows |
1,936,224,616 |
4,831,542,446 |
|
|
Net Income |
5,357,973,931 |
4,859,678,575 |
|
|
Main Products & Services |
Underwear, Cotton Spinning Four, Material |
|
Suppliers |
GILIM TRY TEXTILE CO., LTD.( |
|
Competitors |
BYC CO., LTD.(110111-0005995) 1104-1, DAERIM 2-DONG, YEONGDEUNGPO-GU, TEL:+82-2-840-3114 FAX:+82-2-840-3193 GOOD PEOPLE CO., LTD.(110111-0939326) 5TH FL., DAE-A BLDG., 165-5, DONGGYO-DONG,
MAPO-GU, TEL:+82-2-320-6600 FAX:+82-2-334-0137 |
|
Affiliates |
RED TIGRIS CO., LTD.(110111-4016039) SBW INT'L INC. (49.00% held by the subject company) SBW USA INC (2.77% held by the subject company) |
|
Subsidiary |
MELTONWOOL PTY, LTD. (100.0% held by the subject company) GILIM TRY TEXTILE CO., LTD.( (100.00% held by the subject company) HUNCHUN TRY TEXTILE CO., LTD.( (100.00% held by the subject company) HUNCHUN SSANGBANGWOOL TEXTILE CO., LTD.( (100.00% held by the subject company) SSANGBANGWOOL SHANGHAI CO., LTD.( (100.00% held by the subject company) |
|
Cooperative |
-Insured company DONGBU INSURANCE CO., LTD.(110111-0095285) |
|
Sales/ Unit :Mil KRW |
09/2010 |
2010 |
2009 |
|
Export |
28,970 |
20,021 |
|
|
Domestic |
83,617 |
110,499 |
|
|
Total |
112,587 |
130,520 |
|
The Subject exports
to
There are 2 cases
filed as Defendant(s)/ Debtor(s)/ Respondent(s) amounting 268,800,000 KRW.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.30 |
|
|
1 |
Rs.81.36 |
|
Euro |
1 |
Rs.67.97 |
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.