|
Report Date : |
10.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUNGHONG S&W CO., LTD. |
|
|
|
|
Registered Office : |
9FL., Wooduck Bldg. 832-2, Yeoksam-dong, Gangnam-gu, Seoul, Korea 135-750 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
06.11.2004 |
|
|
|
|
Com. Reg. No.: |
214-87-61437 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Wholesales and
Retails of Composite Fertilizers |
|
|
|
|
No. of Employees : |
8 |
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 : |
Slow but 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 (31.03.2011) |
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
|
Company Name |
SUNGHONG S&W CO., LTD. (Korean Company Name : “(주)성홍에스앤더블유”) |
|
Registered Address |
832-2, Yeoksam-dong,
Gangnam-gu, Seoul, Korea |
|
Building |
9FL., Wooduck Bldg. |
|
Zip Code |
135-750 |
|
Tel |
+82-2-3677-1731 |
|
Fax |
+82-2-587-4183 |
|
Trading Address |
9FL.,
Wooduck Bldg., 832-2, Yeoksam-dong, Gangnam-gu,
Seoul, Korea |
|
Tel |
+82-2-3677-1731 |
|
Fax |
+82-2-587-4183 |
|
Type |
Export/Import |
|
Industry |
Wholesales and Retails of Composite
Fertilizers |
|
Main Business |
Fertilizer |
|
Established (mm/dd/yyyy) |
11/06/2004 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Nitrogen Phosphorous Potassium Mixtures NPK(10171605) |
|
Sell |
Organic fertilizers and plant nutrients(10171500) |
|
Sell |
Chemical fertilizers and plant nutrients(10171600) |
|
Sell |
Chemistry reagents or solutions(41116105) |
|
Name |
Yoon Sang-Don |
|
Address |
Suite 106-503, 38, Mokdongjungangbuk-ro,
Yangcheon-gu, Seoul, Korea |
|
Date of Birth |
05/13/1957 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
500,000,000 |
||||||||||||||||||
|
Employees |
8 |
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|
Formation |
Co., Ltd by Shares |
||||||||||||||||||
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Bank Details |
Korea Exchange Bank-Seocho Dong Branch |
||||||||||||||||||
|
Corporate Registered No. |
110111-3112044 |
||||||||||||||||||
|
Business Registered No. |
214-87-61437 |
||||||||||||||||||
|
Permit & Licenses |
N/A |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
11/06/2004 Incorporated as SUNG HONG FC
CO., LTD. 12/14/2007 Changed company name to the
present name |
||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Yoon Sang-Don |
Male |
Korean |
02/27/2012 |
|
Co-President & CEO |
Mr. |
Bae Jin-Soo |
Male |
Korean |
02/27/2012 |
|
Director |
Mr. |
Park Sang-Joon |
Male |
Korean |
11/06/2007 |
|
Director |
Mr. |
Lee jae-Bong |
Male |
Korean |
04/06/2007 |
|
Auditor |
M/S. |
Eo Won-Kyung |
Female |
Korean |
04/06/2007 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
71,251,904,296 |
30,736,595,583 |
453,265,031 |
|
|
2011 |
61,614,800,376 |
28,189,890,015 |
414,594,870 |
|
2010 |
48,271,339,409 |
27,045,651,702 |
431,899,125 |
|
Authorized Capital(KRW) |
2,000,000,000 |
|
Paid-Up Capital(KRW) |
500,000,000 |
|
Total Issued Shares |
100,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
30,736,595,583 |
28,189,890,015 |
27,045,651,702 |
|
Current Assets |
21,271,382,554 |
15,335,970,999 |
15,151,033,919 |
|
-Quick Assets |
19,243,504,540 |
14,800,836,746 |
14,711,114,125 |
|
-Inventories |
2,027,878,014 |
535,134,253 |
439,919,794 |
|
Fixed Assets |
9,465,213,029 |
12,853,919,016 |
11,894,617,783 |
|
-Investment |
7,775,746,771 |
10,159,558,509 |
8,835,167,386 |
|
-Tangibles |
1,489,210,258 |
2,658,093,675 |
2,709,338,843 |
|
-Intangibles |
200,256,000 |
36,266,832 |
350,111,554 |
|
Total Liabilities |
34,161,071,497 |
31,654,031,470 |
29,600,885,422 |
|
Current Liabilities |
34,161,071,497 |
31,654,031,470 |
29,300,885,422 |
|
Fixed Liabilities |
- |
- |
300,000,000 |
|
Capital Stock |
500,000,000 |
500,000,000 |
500,000,000 |
|
Capital Surplus |
- |
- |
- |
|
Profit Surplus |
5,580,502,908 |
6,033,767,939 |
4,088,634,818 |
|
Capital Adjustment |
1,656,026,994 |
2,069,626,484 |
1,033,401,098 |
|
Total Equity |
-3,424,475,914 |
-3,464,141,455 |
-2,555,233,720 |
|
Liab. & Shareholder’s Equity |
30,736,595,583 |
28,189,890,015 |
27,045,651,702 |
|
Current Liabilities |
34,161,071,497 |
31,654,031,470 |
29,300,885,422 |
|
Trade Payables |
9,780,790,435 |
7,825,012,082 |
5,479,615,664 |
|
Short-Term Borrowings |
20,972,121,992 |
21,080,291,992 |
21,895,030,000 |
|
Account Payables |
68,377,954 |
83,929,271 |
72,289,074 |
|
Advance Receipts |
50,600 |
50,600 |
3,638,099 |
|
Withholdings |
98,289,738 |
92,573,851 |
30,082,639 |
|
VAT Withhold |
- |
44,017,320 |
81,464,600 |
|
Accrued Expenses |
230,034,967 |
134,748,690 |
123,189,651 |
|
Accrued Income Tax |
511,833,120 |
11,784,030 |
- |
|
Short-Term Borrowings to Shareholders/ Executives/ Employees |
2,499,572,691 |
2,381,623,634 |
1,615,575,695 |
|
Fixed Liabilities |
- |
- |
300,000,000 |
|
Leasehold Deposit Received |
- |
- |
300,000,000 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
71,251,904,296 |
61,614,800,376 |
48,271,339,409 |
|
Cost of Sold Goods |
65,184,121,830 |
56,787,181,592 |
44,860,973,322 |
|
Gross Profit |
6,067,782,466 |
4,827,618,784 |
3,410,366,087 |
|
Selling & Admin. Expenses |
1,918,301,499 |
3,420,115,522 |
1,490,002,672 |
|
Operating Income |
4,149,480,967 |
1,407,503,262 |
1,920,363,415 |
|
Non-Operating Income |
1,902,408,314 |
1,927,473,801 |
7,452,884,161 |
|
Non-Operating Expenses |
5,086,688,360 |
2,908,556,473 |
8,941,348,451 |
|
Income Before Taxes |
965,200,921 |
426,420,590 |
431,899,125 |
|
Income Taxes Expenses |
511,935,890 |
11,825,720 |
- |
|
Net Income |
453,265,031 |
414,594,870 |
431,899,125 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
985,258,436 |
2,382,886,422 |
5,585,893,669 |
|
-Net Income |
453,265,031 |
414,594,870 |
431,899,125 |
|
-Exp. without Cash Outflow |
3,430,554,461 |
2,882,507,516 |
7,378,124,683 |
|
-Revenue without Cash Inflows |
-1,169,187,633 |
-732,639,482 |
-5,930,983,444 |
|
-Changes in Asset/ & Liability |
-1,729,373,423 |
-181,576,482 |
3,706,853,305 |
|
Cash Flows from Investing |
-1,715,682,776 |
-2,713,090,692 |
-967,937,867 |
|
-Cash Inflow from Investing |
2,677,921,088 |
1,022,229,119 |
11,847,639,551 |
|
-Cash Outflows for Investing |
-4,393,603,864 |
-3,735,319,811 |
-12,815,577,418 |
|
Cash Flows from Financing |
392,201,736 |
-378,930,069 |
-3,514,816,425 |
|
-Cash Inflows from Financing |
404,164,207 |
766,047,939 |
- |
|
-Cash Outflows from Financing |
-11,962,471 |
-1,144,978,008 |
-3,514,816,425 |
|
Increase/Decrease in Cash |
-338,222,604 |
-709,134,339 |
1,103,139,377 |
|
Cash at the Beginning of Year |
1,190,116,913 |
1,899,251,252 |
796,111,875 |
|
Cash at the End of Year |
851,894,309 |
1,190,116,913 |
1,899,251,252 |
|
Main Products & Services |
Fertilizer |
|
Competitors |
DOUGLAS CHEM INC RM. 812, DAEWOO BLDG. BOKAP-DONG, 167,
NAESU-DONG, JONGNO-GU, SEOUL, KOREA TEL:+82-2-6272-7130 FAX:+82-2-6272-7131 MYOUNGJI CHEMICAL CO., LTD. RM. 1001, DAEWOO OFFICETEL, 45-5,
YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-761-6660 FAX:+82-2-761-0337 CHEMICAL NETWORKS CO., LTD. 753-14, WONSAN-RI, ONSAN-EUP, ULJU-GUN,
ULSAN, KOREA TEL:+82-52-237-6111 FAX:+82-52-237-6110 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
SAMYANG METAL CO., LTD.(180111-0617499) (99.00% held by the subject company) |
|
Subsidiary |
SEASPACE CORP. (100.00% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
(Activity &
Markets)
Not Available.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.46 |
|
|
1 |
Rs.83.13 |
|
Euro |
1 |
Rs.70.98 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.