|
Report Date : |
19.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAE-A TRADING CO.,LTD. |
|
|
|
|
Registered Office : |
946-12, Daechi 3-dong, Gangnam-gu, Seoul, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.07.1988 |
|
|
|
|
Com. Reg. No.: |
114-81-56118 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Shirts and Sports Garments |
|
|
|
|
No. of Employees : |
650 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 is currently the world's 12th largest economy. 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. Korea''s export focused economy was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in 2010. The US-South Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The incoming administration in 2013, following the December 2012 presidential election, is likely to face the challenges of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services. 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
|
Company Name |
SAE-A TRADING CO., LTD. (Korean Company Name : “세아상역(주)”) |
|
Registered
Address |
946-12, Daechi 3-dong, Gangnam-gu, Seoul, Korea |
|
Building |
8th Fl., Sae-a Venture Tower |
|
Zip Code |
135-846 |
|
Tel |
+82-2-6252-7000 |
|
Fax |
+82-2-6252-7002 |
|
E-mail |
kms@sae-a.com |
|
Website |
www.sae-a.com |
|
Trading Address |
8th Fl., Sae-a Venture Tower, 946-12, Daechi 3-dong, Gangnam-gu, Seoul, Korea (New Address System : 429, Yeongdong-daero, Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-6252-7114 |
|
Fax |
+82-2-6252-7002 |
|
Other Address-Branch Office |
736-15, Banpo-dong, Seocho-gu, Seoul, Korea |
|
Type |
Export |
|
Industry |
Manufacture of Shirts and Sports Garments |
|
Main Business |
Knit, Garment, Shirt |
|
Established
(mm/dd/yyyy) |
07/04/1988 |
The Subject owns
the premises of registered HQ address(1,800.8㎡).
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Sweaters(53101700) |
CEO’s
|
Name |
Kim Tae-Hyung |
|
Address |
Suite 601, 72,
Sunnung-ro 190 gil, Gangnam-gu, Seoul, Korea |
|
Date of Birth |
03/19/1962 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
15,000,000,000 |
|||||||||
|
Employees |
650 |
|||||||||
|
Formation |
Co., Ltd by shares |
|||||||||
|
Bank Details |
Hana
Bank-Gangnam Branch Korea Exchange
Bank-Sunnung Branch Shinhan
Bank-Nonhyun Branch Woori
Bank-Trade Center Branch |
|||||||||
|
Corporate
Registered No. |
110111-0581565 |
|||||||||
|
Business
Registered No. |
114-81-56118 |
|||||||||
|
Permit &
Licenses |
Int’l Trade No.: 934169 |
|||||||||
|
Shareholder
Position |
|
|||||||||
|
Company
History |
07/04/1988
Incorporated as the present name 09/01/2000
Moved to the present HQ address from 736-15, Banpo-dong, Seocho-gu,
Seoul, Korea 03/31/1997 Increased
the authorized shares to 120,000 shares from 60,000 shares 04/10/1998
Increased the authorized shares to 500,000 shares from 120,000 shares 04/17/1998
Increased capital to 1,500,000,000 KRW from 1,000,000,000 KRW 12/29/1998 Increased
capital to 2,500,000,000 KRW from 1,500,000,000 KRW 03/11/1999
Increased the authorized shares to 1,000,000 shares from 500,000 shares 03/11/1999
Acquired Nawoo Trading Co., Ltd.(110111-1418965) 03/11/1999
Increased capital to 3,000,000,000 KRW from 2,500,000,000 KRW 08/10/1999
Increased capital to 4,000,000,000 KRW from 3,000,000,000 KRW 12/28/2001
Increased capital to 6,000,000,000 KRW from 4,000,000,000 KRW 11/2005
Awarded US$300 Million Export Top Prize 11/2006
Awarded US$500 Million Export Top Prize 04/2007
Acquired NASAN CO., LTD., at 350,400,000,000 KRW 11/2007
Awarded US$600 Million Export Top Prize 11/2009
Awarded US$800 Million Export Top Prize 03/31/2010
Increased the authorized shares to 100,000,000 shares from 1,000,000 shares 03/31/2010
Increased capital to 15,000,000,000 KRW from 6,000,000,000 KRW 05/27/2010
Split off the par value to 500 KRW from 10,000 KRW |
|||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President & CEO |
Mr. |
Kim Tae-Hyung |
Male |
Korean |
07/10/2008 |
|
Director |
Mr. |
Kim
Woong-Ki |
Male |
Korean |
07/27/1995 |
|
Director |
Mr. |
Kim Soo-Nam |
Male |
Korean |
07/27/1995 |
|
Auditor |
Mr. |
Jung Dong-Ha |
Male |
Korean |
04/13/2009 |
Financials
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
1,296,106,444,332 |
693,961,276,676 |
36,672,404,794 |
|
|
2011 |
1,225,777,944,675 |
599,785,368,727 |
19,162,266,225 |
|
2010 |
1,093,863,988,790 |
531,812,272,627 |
31,956,353,449 |
|
2009 |
1,142,605,631,639 |
491,845,834,893 |
29,627,219,037 |
|
2008 |
856,449,940,223 |
463,864,931,278 |
36,472,578,699 |
|
Authorized
Capital(KRW) |
50,000,000,000 |
|
Paid-Up
Capital(KRW) |
15,000,000,000 |
|
Total Issues Shares |
30,000,000 |
|
Balance Sheet |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
693,961,276,676 |
599,785,368,727 |
531,812,272,627 |
|
Current Assets |
424,147,867,570 |
328,419,797,958 |
301,394,257,822 |
|
-Quick Assets |
213,625,491,574 |
135,491,402,204 |
109,675,969,651 |
|
-Inventories |
210,522,375,996 |
192,928,395,754 |
191,718,288,171 |
|
Fixed Assets |
269,813,409,106 |
271,365,570,769 |
230,418,014,805 |
|
-Investment |
178,458,469,340 |
183,065,731,643 |
146,358,859,593 |
|
-Tangibles |
84,930,602,154 |
84,643,781,597 |
83,523,636,384 |
|
-Intangibles |
1,884,768,397 |
99,076,037 |
30,833,334 |
|
-Others |
4,539,569,215 |
3,556,981,492 |
504,685,494 |
|
Total
Liabilities |
441,753,282,839 |
381,640,842,443 |
343,775,980,103 |
|
Current
Liabilities |
412,237,371,853 |
348,586,372,285 |
308,986,641,727 |
|
Fixed
Liabilities |
29,515,910,986 |
33,054,470,158 |
34,789,338,376 |
|
Capital Stock |
15,000,000,000 |
15,000,000,000 |
15,000,000,000 |
|
Capital
Surplus |
- |
- |
- |
|
Profit Surplus |
210,436,849,733 |
173,764,444,939 |
132,622,416,543 |
|
Capital
Adjustment |
26,771,144,104 |
29,380,081,345 |
40,413,875,981 |
|
Total Equity |
252,207,993,837 |
218,144,526,284 |
188,036,292,524 |
|
Liab. &
Shareholder’s Equity |
693,961,276,676 |
599,785,368,727 |
531,812,272,627 |
|
Current
Liabilities |
412,237,371,853 |
348,586,372,285 |
308,986,641,727 |
|
Trade Payables |
104,337,809,097 |
100,139,534,140 |
88,567,658,432 |
|
Short-Term Borrowings |
293,695,974,429 |
234,155,546,821 |
203,044,434,788 |
|
Accrued Expenses |
6,516,867,455 |
5,221,468,246 |
5,069,688,787 |
|
Withholdings |
305,348,694 |
846,347,672 |
2,205,995,643 |
|
VAT Withhold |
37,820,975 |
25,967,238 |
14,485,395 |
|
Suspense Payables |
- |
- |
22,680,638 |
|
Advance
Receipts |
128,950,354 |
543,159,957 |
2,694,834,000 |
|
Accrued Income Tax |
7,214,600,849 |
7,210,507,025 |
7,366,864,044 |
|
Derivatives |
- |
443,841,186 |
- |
|
Fixed Liabilities |
29,515,910,986 |
33,054,470,158 |
34,789,338,376 |
|
Long-Term Borrowings |
13,920,000,000 |
17,393,300,000 |
19,656,700,000 |
|
Leasehold Deposit Received |
2,130,205,780 |
2,500,132,580 |
2,712,326,580 |
|
Non-Current Portion of Deferred Income Tax Credit |
13,333,078,229 |
13,161,037,578 |
12,420,311,796 |
|
Provision for Severance & Retirement |
16,335,041,041 |
12,654,577,932 |
9,911,011,288 |
|
Income Statement |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
1,296,106,444,332 |
1,225,777,944,675 |
1,093,863,988,790 |
|
Cost of Sold
Goods |
1,103,553,043,643 |
1,062,603,938,564 |
943,106,593,490 |
|
Gross Profit |
192,553,400,689 |
163,174,006,111 |
150,757,395,300 |
|
Selling &
Admin. Expenses |
130,505,728,213 |
108,528,681,524 |
103,503,041,075 |
|
Operating
Income |
62,047,672,476 |
54,645,324,587 |
47,254,354,225 |
|
Non-Operating
Income |
46,257,041,946 |
41,011,510,996 |
41,391,369,582 |
|
Non-Operating
Expenses |
51,673,753,180 |
64,077,310,775 |
46,980,983,326 |
|
Income Before
Taxes |
56,630,961,242 |
31,579,524,808 |
41,664,740,481 |
|
Income Taxes
Expenses |
19,958,556,448 |
12,417,258,583 |
9,708,387,032 |
|
Net Income |
36,672,404,794 |
19,162,266,225 |
31,956,353,449 |
|
Cash Flows |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Cash Flows
from Operating |
-32,305,418,075 |
17,009,480,663 |
-23,530,950,207 |
|
-Net Income |
36,672,404,794 |
19,162,266,225 |
31,956,353,449 |
|
-Exp. without
Cash Outflow |
35,134,665,423 |
33,267,400,780 |
21,142,985,007 |
|
-Revenue
without Cash Inflows |
-21,358,824,092 |
-11,015,283,788 |
-14,751,364,869 |
|
-Changes in
Asset/ & Liability |
-82,753,664,200 |
-24,404,902,554 |
-61,878,923,794 |
|
Cash Flows
from Investing |
-36,161,752,627 |
-32,111,644,502 |
-14,660,063,739 |
|
-Cash Inflow
from Investing |
130,916,726,476 |
59,118,810,055 |
87,831,740,107 |
|
-Cash Outflows
for Investing |
-167,078,479,103 |
-91,230,454,557 |
-102,491,803,846 |
|
Cash Flows
from Financing |
60,560,188,078 |
21,738,663,120 |
18,638,933,590 |
|
-Cash Inflows
from Financing |
644,259,010,133 |
574,550,517,810 |
485,292,000,831 |
|
-Cash Outflows
from Financing |
-583,698,822,055 |
-552,811,854,690 |
-466,653,067,241 |
|
Increase/Decrease
in Cash |
-7,906,982,624 |
6,636,499,281 |
-19,552,080,356 |
|
Cash at the
Beginning of Year |
26,330,988,777 |
19,694,489,496 |
39,246,569,852 |
|
Cash at the
End of Year |
18,424,006,153 |
26,330,988,777 |
19,694,489,496 |
Products,
Technologies, Services Description
|
Main Products
& Services |
Knit, Garment, Shirt |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
Trade Partners &
Competitors
|
Suppliers |
|
|
Customers |
TARGET WAL-MART ABERCROMBIE
& FITCH GAP INC. AEROPOSTALE |
|
Competitors |
YAKJIN TRADING
CORPORATION 5TH FL., YEONG
BLDG., 166-9, GARAK-DONG, SONGPA-GU, SEOUL, KOREA TEL:+82-2-430-1101 FAX:+82-2-449-4500 PAN-PACIFIC
CO., LTD. 726, WONSI-DONG,
DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-2-850-9000 FAX:+82-2-830-1011 SAMIL KNIT
CO., LTD. 190-99,
SANGJISEOK-RI, GYOHA-MYEON, PAJU-SI, GYEONGGI-DO, KOREA TEL:+82-2-3451-6724 FAX:+82-2-598-7422 |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
EINS TREND
INC.(110111-3126136) |
|
Overseas
Office |
|
|
Liaison Office |
|
|
Overseas
Branch |
|
|
Joint Venture |
|
|
Subsidiary |
SAE-A
INTERNATIONAL (100.0% held
by the subject company) WINNERS CORP. (100.0% held
by the subject company) SAE-A TECNOTEX (100.0% held
by the subject company) PT.WINNERS (100.0% held
by the subject company) EINS VINA (100.0% held
by the subject company) SAE-A AMERICA (80.0% held by
the subject company) SAE-A PUEBLA (100.0% held
by the subject company) PT.EINS TREND (100.0% held
by the subject company) EINS S.A (100.0% held
by the subject company) IN THE F CO.,
LTD.(EX. NASAN CO., LTD. 110111-0279996) (69.0% held by
the subject company) IN THE F GAESUNG
CO., LTD.(NORTH KOREA) (100.0% held
by the subject company) GLOVIA (100.0% held
by the subject company) SENIKA (100.0% held
by the subject company) SJS TOMORROW (99.0% held by
the subject company) |
|
Corporate
Ownership |
|
|
Major
Shareholders |
|
|
Cooperative
Enterprise |
-Insured
Company MERITZ FIRE & MARINE INSURANCE CO.,
LTD.(110111-0013328) |
Sales by Region
(Activity & Markets)
The Subject
exports to USA.
Court Action
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.92 |
|
|
1 |
Rs.100.83 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.