MIRA INFORM REPORT

 

 

Report Date :

05.10.2012

 

IDENTIFICATION DETAILS

 

Name :

SEOHG HWI INDUSTRIES CO., LTD.

 

 

 

 

Registered Office :

1108-5, Namchon-ri, Oksan-myeon, Cheongwon-gun, Chungbuk, Korea 363-911

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2008

 

 

Date of Incorporation :

29.09.1992

 

 

Com. Reg. No.:

111-81-18643

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Manufacture of Other Electronic Valves, Tubes and Electronic Components

 

 

No. of Employees :

28

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SOUTH KOREA - ECONOMIC OVERVIEW

 

South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies, and currently is among the world's 20 largest economies. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea''s development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. The South Korean economy''s long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP.

Source : CIA

Basic Information

 

Company Name

SEOHG HWI INDUSTRIES CO., LTD.

(Korean Company Name : “성휘산업(주)’)

Registered Address

1108-5, Namchon-ri, Oksan-myeon, Cheongwon-gun, Chungbuk, Korea

Zip Code

363-911

Tel

+82-2-359-8697

Fax

+82-2-354-1963

E-mail

sd@seonghwi.com

Website

 

Trading Address

21-25, Nokbeon-dong, Eunpyeong-gu, Seoul, Korea

Tel

+82-2-359-8697

Fax

+82-2-354-1963

Type

Export

Industry

Manufacture of Other Electronic Valves, Tubes and Electronic Components n.e.c.

  Main Business

Electron Gun Parts, Stem Lead

Established (mm/dd/yyyy)

09/29/1992

The Subject owns the premises of registered HQ address.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Electronic component parts and raw materials and accessories(32131000)

Buy

Base Metals(11101700)

Sell

Nickel(11101706)

Sell

Glass products(30171700)

 

 

CEO’s

 

Name

An Sung-Jun

Address

Suite 92-705, 481, Apgujeong-dong, Gangnam-gu, Seoul, Korea

Date of Birth

01/01/1956

Title

Representative Director

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

200,000,000

Employees

28

Formation

Co., Ltd by shares

Bank Details

Woori Bank-Bulgwang Dong Branch

Corporate Registered No.

110111-0893142

Business Registered No.

111-81-18643

Permit & Licenses

12/20/1999 Single PPM by SMBA, Korea

12/04/2004 Single PPM by SMBA, Korea

 

Int’l Trade No.: 11036481

Shareholder Position

Name

Shares

%

AN SUNG-JUN

6,000

30.00

HAN HONG-EUI

4,400

22.00

HYUN KI-HWAN

4,000

20.00

HYUN JOO-HWAN

3,600

18.00

LEE JI-HYUN

2,000

10.00

TOTAL

20,000

100.00

Company History

09/29/1992 Incorporated as the present name

12/22/2009 Moved to the present HQ address from 21-25, Nokbeon-dong, Eunpyeong-gu, Seoul, Korea

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

Representative Director

Mr.

An Sung-Jun

Male

Korean

09/29/1992

Auditor

M/S.

Lee Ji-Hyun

Female

Korean

09/29/1992

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2011

 

 

 

2010

 

 

 

2009

 

 

 

2008

3,824,681,862

6,701,160,168

20,127,397

2007

4,415,039,069

7,999,974,335

176,189,001

2006

6,684,000,000

6,228,000,000

212,000,000

2005

 

 

 

2004

7,318,000,000

 

 

2003

5,906,000,000

 

 

 

 

Financial Description

 

Authorized Capital(KRW)

800,000,000

Paid-Up Capital(KRW)

200,000,000

Total Issued Shares

20,000

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2009

As of 12/31/2008

As of 12/31/2007

Total Assets

 

6,701,160,168

7,999,974,335

Current Assets

 

3,913,397,844

5,242,166,761

-Quick Assets

 

2,856,137,434

3,957,681,283

-Inventories

 

1,057,260,410

1,284,485,478

Fixed Assets

 

2,787,762,324

2,757,807,574

-Investment

 

-

-

-Tangibles

 

2,433,768,758

2,403,814,008

-Intangibles

 

-

-

-Others

 

353,993,566

353,993,566

Total Liabilities

 

4,263,355,728

5,582,297,292

Current Liabilities

 

3,299,177,329

4,415,945,468

Fixed Liabilities

 

964,178,399

1,166,351,824

Capital Stock

 

200,000,000

200,000,000

Capital Surplus

 

-

-

Profit Surplus

 

2,237,804,440

2,217,677,043

Capital Adjustment

 

-

-

Total Equity

 

2,437,804,440

2,417,677,043

Liab. & Shareholder’s Equity

 

6,701,160,168

7,999,974,335

 

Current Liabilities

 

3,299,177,329

4,415,945,468

Trade Payables

 

151,556,080

-

Promissory Notes Payables

 

21,148,590

22,955,340

Account Payables

 

68,749,269

98,569,973

Withholdings

 

4,012,810

8,903,850

Short-Term Borrowings to Shareholders/ Executives/ Employees

 

121,981,170

448,592,843

Short-Term Borrowings

 

2,910,000,000

3,809,589,382

Accrued Expenses

 

-　

27,334,080

Accrued Income Tax

 

21,729,410

-　

Fixed Liabilities

 

964,178,399

1,166,351,824

Long-Term Borrowings

 

815,057,392

958,045,717

Provision for Severance & Retirement

 

149,121,007

208,306,107

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2009

As of 12/31/2008

As of 12/31/2007

Sales

 

3,824,681,862

4,415,039,069

Cost of Sold Goods

 

3,363,565,389

3,562,732,634

Gross Profit

 

461,116,473

852,306,435

Selling & Admin. Expenses

 

568,836,289

585,503,305

Operating Income

 

107,719,816

(-)266,803,130

Non-Operating Income

 

758,606,391

242,928,750

Non-Operating Expenses

 

594,979,508

303,114,659

Income Before Taxes

 

55,907,067

206,617,221

Income Taxes Expenses

 

35,779,670

30,428,220

Income from Continuous Business

 

20,127,397

176,189,001

Income from Stopped Business

 

-

-

Net Income

 

20,127,397

176,189,001

 

 

Cash Flows

 

Unit : Korean Won

As of 12/31/2009

As of 12/31/2008

As of 12/31/2007

Cash Flows from Operating

 

585,809,802

(-)40,874,114

-Net Income

 

20,127,397

176,189,001

-Exp. without Cash Outflow

 

131,402,520

178,730,181

-Revenue without Cash Inflows

 

-

-

-Changes in Asset/ & Liability

 

434,279,885

(-)395,793,296

Cash Flows from Investing

 

799,646,961

(-)1,894,797,013

-Cash Inflow from Investing

 

846,323,861

87,665,279

-Cash Outflows for Investing

 

(-)46,676,900

(-)1,982,462,292

Cash Flows from Financing

 

(-)1,369,189,380

1,879,621,829

-Cash Inflows from Financing

 

-

2,032,947,457

-Cash Outflows from Financing

 

(-)1,369,189,380

(-)153,325,628

Increase/Decrease in Cash

 

16,267,383

(-)56,049,298

Cash at the Beginning of Year

 

3,198,019

59,247,317

Cash at the End of Year

 

19,465,402

3,198,019

 

 

Products, Technologies, Services Description

 

Main Products & Services

Electron Gun Parts, Stem Lead

 

 

Trade Partners & Competitors

 

Competitors

SUNG WOO CO., LTD.

162-1, SIMI-DONG, GUMI-SI, GYEONGSANGBUK-DO, KOREA

TEL:+82-54-473-4100  FAX:+82-54-472-0935

 

KOREA ELECTRON CO., LTD.

989-6, GEUMSAN-RI, WAEGWAN-EUP, CHILGOK-GUN, GYEONGSANGBUK-DO, KOREA

TEL:+82-54-975-8182  FAX:+82-54-975-8185

 

U-TECH KOREA

857-14, HOGYE-DONG, YANGSAN-SI, GYEONGSANGNAM-DO, KOREA

TEL:+82-55-382-8458~9  FAX:+82-55-382-8460

 

 

Sales by Region

(Activity & Markets)

 

The Subject exports to France and Japan.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.97

UK Pound

1

Rs.83.67

Euro

1

Rs.67.19

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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%)

 

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