|
Report Date : |
31.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
SOVICO CORPORATION |
|
|
|
|
Registered Office : |
3rd Fl., Sovico Bldg. 1027-5, Bangbae 3-dong, Seocho-gu, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
07.02.1979 |
|
|
|
|
Com. Reg. No.: |
114-81-33871 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Wholesale of Household Electric Appliances and Parts |
|
|
|
|
No. of Employees : |
90 |
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 |
SOVICO CORPORATION (Korean Company Name : “(주)소비코”) |
|
Registered Address |
1027-5, Bangbae 3-dong, Seocho-gu, |
|
Building |
3rd Fl., Sovico Bldg. |
|
Zip Code |
137-851 |
|
Tel |
+82-2-2106-2800 |
|
Fax |
+82-2-587-7337 |
|
E-mail |
webmaster@sovico.co.kr ;thsong@sovico.co.kr |
|
Website |
www.sovico.co.kr |
|
Trading Address |
3rd Fl., Sovico Bldg., 1027-5, Bangbae
3-dong, Seocho-gu, |
|
Tel |
+82-2-2106-2800 |
|
Fax |
+82-2-523-5504 |
|
Other Address-Branch |
Rm.1305, 1210, Jaesong-dong,
Haeundae-gu, |
|
Tel |
+82-51-757-4112~4 |
|
Type |
Import |
|
Industry |
Wholesale of Household Electric Appliances and Parts |
|
Main Business |
Speaker, Amplifier, Deck |
|
Established (mm/dd/yyyy) |
02/07/1979 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Amplifiers(32101514) |
|
Sell |
Loudspeakers(52161512) |
|
Sell |
Audio and visual equipment(52161500) |
|
Name |
Kwon Kyung-Sub |
|
Address |
|
|
Date of Birth |
08/01/1939 |
|
Title |
Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,800,000,000 |
||||||||||||
|
Employees |
90 |
||||||||||||
|
Formation |
Co., Ltd by shares |
||||||||||||
|
Bank Details |
Woori Bank-Sadang Branch Shinhan Bank Hana Bank Kookmin Bank Busan Bank |
||||||||||||
|
Corporate Registered No. |
110111-0246432 |
||||||||||||
|
Business Registered No. |
114-81-33871 |
||||||||||||
|
Permit & Licenses |
03/2002 ISO 9001 Int’l Trade No.: 960360 |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
04/22/1973 Established 02/07/1979 Incorporated as Tae Young Trading
Co., Ltd. 0/01/1998 M&A with Bando Sound Co.,
Ltd.(110111-0386189) 06/15/1998 Moved to the present HQ address
from 1009-1, Bangbae-dong, Seocho-gu, 02/27/2004 Changed company name to the
present name 12/20/2007 Increased the authorized shares
to 300,000 shares from 100,000 shares 12/21/2007 Increased capital to
1,800,000,000 KRW from 1,000,000,000 KRW |
||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Chairman & CEO |
Mr. |
Kwon Kyung-Sub |
Male |
Korean |
01/30/1994 |
|
Director |
Mr. |
Kwon Dae-Hyun |
Male |
Korean |
06/12/2000 |
|
Director |
Mr. |
Kim Hae-Young |
Male |
Korean |
07/12/2004 |
|
Director |
Mr. |
Yoon Ho-Cheol |
Male |
Korean |
06/12/2006 |
|
Auditor |
Mr. |
Kwon Jong-Seob |
Male |
Canadian |
03/12/2012 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
38,036,998,161 |
26,901,247,286 |
1,715,725,929 |
|
|
2009 |
34,921,977,138 |
31,158,173,904 |
1,689,197,688 |
|
2008 |
37,558,280,996 |
28,213,756,764 |
428,238,030 |
|
2007 |
36,546,889,178 |
26,660,668,252 |
2,872,469,527 |
|
2006 |
34,057,479,359 |
25,105,882,538 |
3,640,903,295 |
|
2005 |
32,276,648,084 |
22,733,076,619 |
3,162,366,155 |
|
Authorized Capital(KRW) |
3,000,000,000 |
|
Paid-Up Capital(KRW) |
1,800,000,000 |
|
Total Issued Shares |
180,000 |
|
Unit :
Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
26,901,247,286 |
31,158,173,904 |
28,213,756,764 |
|
Current
Assets |
19,713,907,646 |
24,380,903,319 |
22,886,098,396 |
|
-Quick Assets |
9,864,715,586 |
14,897,384,455 |
14,023,924,336 |
|
-Inventories |
9,849,192,060 |
9,483,518,864 |
8,862,174,060 |
|
Fixed Assets |
7,187,339,640 |
6,777,270,585 |
5,327,658,368 |
|
-Investment |
590,545,120 |
536,015,040 |
431,060,769 |
|
-Tangibles |
6,072,667,670 |
5,973,657,545 |
4,601,287,599 |
|
-Intangibles |
524,126,850 |
267,598,000 |
295,310,000 |
|
Total
Liabilities |
10,067,610,727 |
14,240,263,274 |
11,749,142,293 |
|
Current
Liabilities |
8,298,005,122 |
12,424,206,118 |
11,066,266,693 |
|
Fixed
Liabilities |
1,769,605,605 |
1,816,057,156 |
682,875,600 |
|
Capital
Stock |
1,800,000,000 |
1,800,000,000 |
1,800,000,000 |
|
Capital
Surplus |
22,056,350 |
22,056,350 |
22,056,350 |
|
Profit
Surplus |
15,011,580,209 |
15,095,854,280 |
14,666,656,592 |
|
Capital
Adjustment |
|
|
-24,098,471 |
|
Total Equity |
16,833,636,559 |
16,917,910,630 |
16,464,614,471 |
|
Liab. &
Shareholder’s Equity |
26,901,247,286 |
31,158,173,904 |
28,213,756,764 |
|
Current
Liabilities |
8,298,005,122 |
12,424,206,118 |
11,066,266,693 |
|
Trade Payables |
2,651,689,664 |
4,900,242,799 |
1,440,467,902 |
|
Short-Term Borrowings |
4,297,230,000 |
4,984,920,000 |
3,509,403,260 |
|
Account Payables |
827,530,414 |
618,284,023 |
852,723,033 |
|
Advance Receipts |
176,638,811 |
1,207,104,597 |
1,826,714,070 |
|
Withholdings |
46,941,152 |
55,013,765 |
45,552,626 |
|
VAT Withhold |
47,899,612 |
226,946,316 |
273,720,533 |
|
Current Portion of Long-Term Debts |
|
|
3,000,000,000 |
|
Accrued Expenses |
8,155,927 |
2,823,540 |
7,685,269 |
|
Accrued Income Tax |
181,919,542 |
318,871,078 |
- |
|
Guarantee Deposit Withhold |
60,000,000 |
110,000,000 |
110,000,000 |
|
Fixed
Liabilities |
1,769,605,605 |
1,816,057,156 |
682,875,600 |
|
Long-Term Borrowings |
1,234,784,488 |
1,088,044,183 |
- |
|
Leasehold Deposit Received |
198,000,000 |
214,000,000 |
193,000,000 |
|
Provision for Severance & Retirement |
1,142,900,420 |
518,888,973 |
494,751,600 |
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
38,036,998,161 |
34,921,977,138 |
37,558,280,996 |
|
Cost of Sold Goods |
27,056,618,459 |
24,441,205,631 |
27,355,680,906 |
|
Gross Profit |
10,980,379,702 |
10,480,771,507 |
10,202,600,090 |
|
Selling & Admin. Expenses |
8,582,301,921 |
8,072,388,744 |
8,243,450,615 |
|
Operating Income |
2,398,077,781 |
2,408,382,763 |
1,959,149,475 |
|
Non-Operating Income |
511,578,232 |
885,532,314 |
576,094,528 |
|
Non-Operating Expenses |
769,970,192 |
1,056,286,990 |
1,548,134,758 |
|
Income Before Taxes |
2,139,685,821 |
2,237,628,087 |
987,109,245 |
|
Income Taxes Expenses |
423,959,892 |
548,430,399 |
558,871,215 |
|
Net Income |
1,715,725,929 |
1,689,197,688 |
428,238,030 |
|
Unit :
Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows
from Operating |
2,989,227,882 |
1,451,119,497 |
1,303,565,489 |
|
-Net Income |
1,715,725,929 |
1,689,197,688 |
428,238,030 |
|
-Exp.
without Cash Outflow |
1,250,526,111 |
1,547,090,317 |
1,017,174,227 |
|
-Revenue
without Cash Inflows |
-79,491,037 |
-263,983,020 |
-282,121,666 |
|
-Changes in
Asset/ & Liability |
102,466,879 |
-1,521,185,488 |
140,274,898 |
|
Cash Flows
from Investing |
-863,412,650 |
-1,072,939,049 |
-1,303,484,150 |
|
-Cash Inflow
from Investing |
1,996,073,819 |
1,454,509,042 |
61,146,243 |
|
-Cash
Outflows for Investing |
-2,859,486,469 |
-2,527,448,091 |
-1,364,630,393 |
|
Cash Flows
from Financing |
-2,386,859,695 |
-1,445,029,077 |
1,010,879,624 |
|
-Cash
Inflows from Financing |
2,935,254,569 |
4,452,744,183 |
3,310,879,624 |
|
-Cash
Outflows from Financing |
-5,322,114,264 |
-5,897,773,260 |
-2,300,000,000 |
|
Increase/Decrease
in Cash |
-261,044,463 |
-1,066,848,629 |
1,010,960,963 |
|
Cash at the
Beginning of Year |
2,998,337,422 |
4,065,186,051 |
3,054,225,088 |
|
Cash at the
End of Year |
2,737,292,959 |
2,998,337,422 |
4,065,186,051 |
|
Main Products & Services |
Speaker, Amplifier, Deck Brand Name : JBL, AKG Acoustics, Soundcraft |
|
Suppliers |
JBL INTERNATIONAL JBL PROFESSIONAL AKG ACOUSTICS SOUNDCRAFT (*)KDB CAPITAL CORPORATION(110111-0137558)
provides the vehicle leasing services to the subject company. |
|
Competitors |
CRESYN CO., LTD. 8-22, JAMWON-DONG, SEOCHO-GU, TEL:+82-2-2041-2700 FAX:+82-2-2041-2788 I-SOUND CO., LTD. 2-601, TEL:+82-2-2663-7100 FAX:+82-2-2663-7116 SAMBON PRECISION & ELECTRONICS CO.,
LTD. 204, SAMJEONG-DONG, OJEONG-GU, BUCHEON-SI, TEL:+82-32-683-7300 FAX:+82-32-678-5868 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
SOVICO AV CORPORATION(110111-0990774) SOUNDUS CO., LTD.(110111-1014896) (48.00% held by the subject company) TRUE SONIC CO., LTD.(110111-1083065) (20.00% held by the subject company) AUDIO WORKS CO., LTD.(135711-0067308) (30.00% held by the subject company) SOVICO ENG CO., LTD.(205711-0011061) (79.33% held by the subject company) |
|
Cooperative |
-Insured Company LIG INSURANCE CO., LTD.(110111-0017859) DONGBU INSURANCE CO., LTD.(110111-0095285) |
(Activity &
Markets)
The subject deals
with the companies in
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.15 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.68.34 |
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.