|
Report Date : |
01.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SOVICO CORPORATION |
|
|
|
|
Formerly Known as: |
Tae Young Trading
Co., Ltd. |
|
|
|
|
Registered Office : |
1027-5, Bangbae 3-dong, Seocho-gu, Seoul,
Korea, 3rd Fl., Sovico Bldg., Zip Code 137-851 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
07.02.1979 |
|
|
|
|
Com. Reg. No.: |
114-81-33871 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Wholesaler of Household Electric Appliances and Parts |
|
|
|
|
No. of Employees : |
86 |
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 : |
Usually Correct |
|
|
|
|
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 (31.03.2012) |
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 |
|
Company Name |
SOVICO
CORPORATION (Korean Company
Name : “(주)소비코”) |
|
Registered Address |
1027-5, Bangbae 3-dong, Seocho-gu, Seoul,
Korea |
|
Building |
3rd Fl., Sovico Bldg. |
|
Zip Code |
137-851 |
|
Tel |
+82-2-2106-2800 |
|
Fax |
+82-2-587-7337 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
3rd Fl., Sovico Bldg., 1027-5, Bangbae
3-dong, Seocho-gu, Seoul, Korea (P.O.BOX 398) |
|
Tel |
+82-2-2106-2800 |
|
Fax |
+82-2-523-5504 |
|
Other Address-Branch |
Rm.1305, 1210, Jaesong-dong, Haeundae-gu, Busan, Korea |
|
Tel |
+82-51-757-4112~4 |
|
Fax |
|
|
Other Address-Branch |
988-46, Maegok-ri, Hobeop-myeon, Icheon-si,
Gyeonggi-do, Korea |
|
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 |
Suite 1-102, 1028-1, Bangbae-dong,
Seocho-gu, Seoul, Korea |
|
Date of Birth |
08/01/1939 |
|
Title |
Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,800,000,000 |
|||||||||
|
Employees |
86 |
|||||||||
|
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, Seoul, Korea 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 |
|
President & CEO |
Mr. |
Kwon Dae-Hyun |
Male |
Korean |
07/25/2012 |
|
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 |
|
34,278,781,762 |
28,061,145,584 |
847,899,048 |
|
|
2010 |
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 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
28,061,145,584 |
26,901,247,286 |
31,158,173,904 |
|
Current Assets |
21,059,060,937 |
19,713,907,646 |
24,380,903,319 |
|
-Quick Assets |
10,394,149,098 |
9,864,715,586 |
14,897,384,455 |
|
-Inventories |
10,664,911,839 |
9,849,192,060 |
9,483,518,864 |
|
Fixed Assets |
7,002,084,647 |
7,187,339,640 |
6,777,270,585 |
|
-Investment |
389,820,540 |
590,545,120 |
536,015,040 |
|
-Tangibles |
6,096,056,557 |
6,072,667,670 |
5,973,657,545 |
|
-Intangibles |
516,207,550 |
524,126,850 |
267,598,000 |
|
Total Liabilities |
12,179,609,977 |
10,067,610,727 |
14,240,263,274 |
|
Current Liabilities |
11,148,591,225 |
8,298,005,122 |
12,424,206,118 |
|
Fixed Liabilities |
1,031,018,752 |
1,769,605,605 |
1,816,057,156 |
|
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 |
14,059,479,257 |
15,011,580,209 |
15,095,854,280 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
15,881,535,607 |
16,833,636,559 |
16,917,910,630 |
|
Liab. & Shareholder’s Equity |
28,061,145,584 |
26,901,247,286 |
31,158,173,904 |
|
Current Liabilities |
11,148,591,225 |
8,298,005,122 |
12,424,206,118 |
|
Trade Payables |
2,685,413,419 |
2,651,689,664 |
4,900,242,799 |
|
Short-Term Borrowings |
6,288,996,640 |
4,297,230,000 |
4,984,920,000 |
|
Account Payables |
722,809,353 |
827,530,414 |
618,284,023 |
|
Advance Receipts |
14,339,560 |
176,638,811 |
1,207,104,597 |
|
Withholdings |
46,553,262 |
46,941,152 |
55,013,765 |
|
VAT Withhold |
297,576,200 |
47,899,612 |
226,946,316 |
|
Accrued Expenses |
8,639,882 |
8,155,927 |
2,823,540 |
|
Accrued Income Tax |
14,262,909 |
181,919,542 |
318,871,078 |
|
Guarantee Deposit Withhold |
70,000,000 |
60,000,000 |
110,000,000 |
|
Current Portion of Long-Term Debts |
1,000,000,000 |
- |
- |
|
Fixed Liabilities |
1,031,018,752 |
1,769,605,605 |
1,816,057,156 |
|
Long-Term Borrowings |
410,872,854 |
1,234,784,488 |
1,088,044,183 |
|
Leasehold Deposit Received |
193,000,000 |
198,000,000 |
214,000,000 |
|
Provision for Severance & Retirement |
1,625,618,870 |
1,142,900,420 |
518,888,973 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
34,278,781,762 |
38,036,998,161 |
34,921,977,138 |
|
Cost of Sold Goods |
23,565,494,668 |
27,056,618,459 |
24,441,205,631 |
|
Gross Profit |
10,713,287,094 |
10,980,379,702 |
10,480,771,507 |
|
Selling & Admin. Expenses |
9,123,386,470 |
8,582,301,921 |
8,072,388,744 |
|
Operating Income |
1,589,900,624 |
2,398,077,781 |
2,408,382,763 |
|
Non-Operating Income |
375,976,740 |
511,578,232 |
885,532,314 |
|
Non-Operating Expenses |
960,185,340 |
769,970,192 |
1,056,286,990 |
|
Income Before Taxes |
1,005,692,024 |
2,139,685,821 |
2,237,628,087 |
|
Income Taxes Expenses |
157,792,976 |
423,959,892 |
548,430,399 |
|
Net Income |
847,899,048 |
1,715,725,929 |
1,689,197,688 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
-664,945,725 |
2,989,227,882 |
1,451,119,497 |
|
-Net Income |
847,899,048 |
1,715,725,929 |
1,689,197,688 |
|
-Exp. without Cash Outflow |
1,271,716,019 |
1,250,526,111 |
1,547,090,317 |
|
-Revenue without Cash Inflows |
-3,681,526 |
-79,491,037 |
-263,983,020 |
|
-Changes in Asset/ & Liability |
-2,780,879,266 |
102,466,879 |
-1,521,185,488 |
|
Cash Flows from Investing |
-99,787,474 |
-863,412,650 |
-1,072,939,049 |
|
-Cash Inflow from Investing |
736,263,415 |
1,996,073,819 |
1,454,509,042 |
|
-Cash Outflows for Investing |
-836,050,889 |
-2,859,486,469 |
-2,527,448,091 |
|
Cash Flows from Financing |
317,688,770 |
-2,386,859,695 |
-1,445,029,077 |
|
-Cash Inflows from Financing |
3,248,018,770 |
2,935,254,569 |
4,452,744,183 |
|
-Cash Outflows from Financing |
-2,930,330,000 |
-5,322,114,264 |
-5,897,773,260 |
|
Increase/Decrease in Cash |
-447,044,429 |
-261,044,463 |
-1,066,848,629 |
|
Cash at the Beginning of Year |
2,737,292,959 |
2,998,337,422 |
4,065,186,051 |
|
Cash at the End of Year |
2,290,248,530 |
2,737,292,959 |
2,998,337,422 |
|
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, SEOUL, KOREA TEL:+82-2-2041-2700 FAX:+82-2-2041-2788 I-SOUND CO., LTD. 2-601, ACE HIGHTECH CITY, 55-20, MULLAEDONG
3-GA, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-2663-7100 FAX:+82-2-2663-7116 SAMBON PRECISION & ELECTRONICS CO.,
LTD. 204, SAMJEONG-DONG, OJEONG-GU, BUCHEON-SI,
GYEONGGI-DO, KOREA 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 Enterprise |
-Insured Company LIG INSURANCE CO., LTD.(110111-0017859) DONGBU INSURANCE CO., LTD.(110111-0095285) |
(Activity & Markets)
The subject deals
with the companies in Denmark, Germany, Japan and USA.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
UK Pound |
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.