|
Report Date : |
31.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAEHWA IMC CO., LTD. |
|
|
|
|
Registered Office : |
147, Pyeongdongsandan 3beon-ro, Gwangsan-gu, Gwangju |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
02.04.1999 |
|
|
|
|
Com. Reg. No.: |
410-81-49892 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares Foreign Direct Investment Corporation |
|
|
|
|
Line of Business : |
Manufacture of Molding Patterns, Moulds and Industrial Patterns |
|
|
|
|
No. of Employees : |
221 |
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
SAEHWA IMC CO., LTD. |
|
Registered Address |
147, Pyeongdongsandan 3beon-ro, Gwangsan-gu, Gwangju, Korea |
|
Building |
|
|
Zip Code |
506-500 |
|
Tel |
+82-62-944-6161 |
|
Fax |
+82-62-944-0852 |
|
E-mail |
jinkook@saehwaimc.com |
|
Website |
www.saehwaimc.com |
|
Trading Address |
147, Pyeongdongsandan 3beon-ro, Gwangsan-gu, Gwangju, Korea (Old Address System : 881-10, Ok-dong, Gwangsan-gu, Gwangju, Korea) |
|
Tel |
+82-62-944-6161 |
|
Fax |
+82-62-944-0852 |
|
Other Address-Branch |
14-174, Oechi-gil, Worya-myeon, Hampyeong-gun, Jeollanam-do, Korea |
|
Other Address-Branch |
135-11, Hanamsandan 7beon-ro, Gwangsan-gu,
Gwangju, Korea |
|
Other Address-Branch |
245, Sonjae-ro, Gwangsan-gu, Gwangju, Korea |
|
Tel |
+82-62-944-6161 |
|
Fax |
+82-62-941-0054 |
|
Other Address-Branch |
11, Eodeung-daero 621beon-gil, Gwangsan-gu,
Gwangju, Korea |
|
Other Address-Branch |
798-1, Sincheon-ri, Hallim-myeon,
Gimhae-si, Gyeongsangnam-do, Korea |
|
Type |
Export/Import |
|
Industry |
Manufacture of Molding Patterns, Moulds and Industrial Patterns |
|
Main Business |
Tire Molds, Tire Production Equipment |
|
Established (mm/dd/yyyy) |
04/02/1999 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Foundry molds(23161606) |
CEO’s
|
Name |
Ryu Hee-Yeol |
|
Address |
Suite 107-702, 33, Sangmunuri-ro, Seo-gu,
Gwangju, Korea |
|
Date of Birth |
02/05/1936 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
5,064,120,000 |
|||||||||||||||||||||||||||||||||
|
Employees |
221 |
|||||||||||||||||||||||||||||||||
|
Formation |
Co., Ltd by Shares Foreign Direct Investment Corporation |
|||||||||||||||||||||||||||||||||
|
Bank Details |
Korea Development Bank |
|||||||||||||||||||||||||||||||||
|
Corporate Registered No. |
200111-0097272 |
|||||||||||||||||||||||||||||||||
|
Business Registered No. |
410-81-49892 |
|||||||||||||||||||||||||||||||||
|
Permit & Licenses |
05/2007 ISO 14001 Int’l Trade No.: 15012597 |
|||||||||||||||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||||||||||||||
|
Company History |
04/02/1999 Incorporated as Daega Co., Ltd. 04/15/2002 Acquired MASTEC CO., LTD. 04/17/2002 Changed company name to MASTEC
CO., LTD. 12/29/2009 Acquired Saehwa Machinery Co.,
Ltd. 12/29/2009 Changed company name to the
present name 07/09/2011 Split off the par value to 500
KRW from 10,000 KRW 07/09/2011 Increased the authorized shares to
60,000,000 shares from 3,000,000 shares 12/2011 Awarded US$ 70 Million Export Top
Prize 04/25/2013 Increased capital to
5,337,720,000 KRW from 5,064,120,000 KRW |
|||||||||||||||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Ryu Hee-Yeol |
Male |
Korean |
12/29/2009 |
|
Director |
Mr. |
Ryu Dong-Hwan |
Male |
Korean |
03/20/2007 |
|
Outside Director |
Mr. |
Bae Sun-Han |
Male |
Korean |
04/06/2010 |
|
Outside Director |
Mr. |
Jang Seok-Joo |
Male |
Korean |
05/30/2011 |
|
Outside Director |
Mr. |
Jung Tae-Seok |
Male |
Korean |
03/29/2012 |
|
Outside Director |
Mr. |
Park Yo-Joo |
Male |
Korean |
03/29/2012 |
|
Outside Director |
Mr. |
Abdreas Bauman |
Male |
Korean |
03/29/2013 |
|
Director |
Mr. |
Kang Jung-Hwan |
Male |
Korean |
12/28/2010 |
|
Director |
Mr. |
Park Yang-Keun |
Male |
Korean |
12/28/2010 |
|
Auditor |
Mr. |
Hur Sang-Cheol |
Male |
Korean |
12/07/2011 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2012 |
138,249,707,943 |
217,482,879,122 |
20,332,161,633 |
|
2011 |
127,684,011,528 |
181,460,933,246 |
15,460,018,775 |
|
2010 |
100,439,291,735 |
180,168,414,630 |
5,598,496,883 |
Financial Description
|
Authorized Capital(KRW) |
30,000,000,000 |
|
Paid-Up Capital(KRW) |
5,337,720,000 |
|
Total Issued Shares |
10.675,440 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
217,482,879,122 |
181,460,933,246 |
180,168,414,630 |
|
Current
Assets |
52,378,998,246 |
61,920,967,200 |
75,988,596,887 |
|
Cash & Cash Equivalents |
5,511,020,357 |
19,037,919,508 |
6,560,006,227 |
|
Current Financial Instruments |
2,758,548,485 |
4,535,972,531 |
5,362,509,469 |
|
Trade Receivables |
30,560,986,866 |
25,737,251,870 |
26,894,828,179 |
|
Trade Receivables |
2,762,689,663 |
2,474,105,280 |
21,359,300,113 |
|
Marketable Financial Instruments |
- |
- |
6,087,549,779 |
|
Inventories |
10,383,846,064 |
9,922,002,189 |
9,609,089,540 |
|
Other Current Assets |
401,906,811 |
213,715,822 |
115,313,580 |
|
Non-Current
Assets |
165,103,880,876 |
119,539,966,046 |
104,179,817,743 |
|
Non-Current Financial Instruments |
1,118,913,523 |
1,473,780,000 |
1,241,480,000 |
|
Other Receivables |
571,563,948 |
- |
- |
|
Other Financial Assets |
10,884,661,330 |
15,206,930,713 |
4,236,879,755 |
|
Tangibles |
63,950,089,034 |
54,824,599,036 |
46,349,369,279 |
|
Intangibles |
2,176,930,776 |
2,680,144,967 |
2,631,469,354 |
|
Investment_Real Estates |
2,020,561,799 |
2,055,982,927 |
4,481,519,055 |
|
Investment_Related Companies |
84,421,160,466 |
43,298,528,403 |
45,239,100,300 |
|
Total
Liabilities |
110,032,507,495 |
99,075,775,938 |
120,963,888,153 |
|
Current
Liabilities |
79,712,997,220 |
56,527,172,925 |
74,402,107,029 |
|
Trade Payables |
11,855,282,844 |
8,766,106,597 |
9,649,519,273 |
|
Short-Term Borrowings |
59,132,726,444 |
39,408,829,818 |
55,478,778,722 |
|
Accrued Income Tax |
4,022,347,860 |
3,805,813,385 |
1,369,767,092 |
|
Account Payables |
3,333,101,526 |
3,267,720,187 |
2,219,260,034 |
|
Other Current Financial Debts |
297,213,925 |
974,170,743 |
1,341,869,175 |
|
Other Current Liabilities |
1,072,324,621 |
304,532,195 |
4,342,912,733 |
|
Non-Current
Liabilities |
30,319,510,275 |
42,548,603,013 |
46,561,781,124 |
|
Long-Term Borrowings |
27,697,345,000 |
38,563,318,189 |
42,569,841,059 |
|
Deferred Income Tax Credit |
1,008,640,968 |
1,925,900,441 |
3,242,173,722 |
|
Other Non-Current Financial Debts |
197,125,253 |
201,433,723 |
255,700,429 |
|
Confirmed Salaries |
1,147,039,941 |
1,581,333,405 |
252,555,766 |
|
Provisions for Sales Warrant |
269,359,113 |
276,617,255 |
241,510,148 |
|
Capital
Stock |
5,064,120,000 |
4,946,520,000 |
4,693,720,000 |
|
Capital Surplus |
43,384,061,990 |
39,792,087,590 |
32,045,732,395 |
|
Profit Surplus |
54,405,330,317 |
34,115,231,797 |
25,372,433,766 |
|
Installments |
1,508,494,653 |
442,953,254 |
- |
|
Others |
3,088,364,667 |
3,088,364,667 |
-2,907,359,684 |
|
Total Equity |
107,450,371,627 |
82,385,157,308 |
59,204,526,477 |
|
Liab. & Shareholder’s Equity |
217,482,879,122 |
181,460,933,246 |
180,168,414,630 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
138,249,707,943 |
127,684,011,528 |
100,439,291,735 |
|
Cost of Sold Goods |
88,078,502,625 |
81,953,190,733 |
64,884,236,470 |
|
Gross Profit |
50,171,205,318 |
45,730,820,795 |
35,555,055,265 |
|
Selling & Admin. Expenses |
15,914,958,980 |
17,275,298,101 |
16,877,449,615 |
|
Operating Income |
34,256,246,338 |
28,455,522,694 |
18,784,553,791 |
|
Non-Operating Profits |
74,920,525 |
-1,149,969,314 |
106,948,141 |
|
Non-Operating Income |
450,965,176 |
653,293,822 |
415,517,022 |
|
Non-Operating Expenses |
-376,044,651 |
-1,803,263,136 |
-308,568,881 |
|
Finance Profits |
-9,360,517,800 |
-7,984,377,727 |
-11,940,203,645 |
|
Finance Income |
3,345,010,838 |
4,108,525,576 |
5,847,809,013 |
|
Finance Expenses |
-12,705,528,638 |
-12,092,903,303 |
-17,788,012,658 |
|
Income Before Taxes |
24,970,649,063 |
19,321,175,653 |
6,844,350,146 |
|
Income Taxes Expenses |
4,638,487,430 |
3,861,156,878 |
1,245,853,263 |
|
Net Income |
20,332,161,633 |
15,460,018,775 |
5,598,496,883 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Operating
Activities Cash Flows |
26,713,309,100 |
28,607,334,224 |
10,161,332,632 |
|
Cash Flows from Operating |
35,221,266,380 |
31,293,578,444 |
13,196,795,268 |
|
Interests Received |
256,496,039 |
3,614,601,216 |
676,686,895 |
|
Dividends Received |
176,894,098 |
119,868,570 |
52,930,122 |
|
Interests Paid |
-3,313,461,626 |
-3,752,303,419 |
-4,319,510,789 |
|
Income Taxes |
-5,627,885,791 |
-2,668,410,587 |
554,431,136 |
|
Cash Flows from Investing |
-36,164,658,325 |
4,790,700,594 |
-28,711,551,772 |
|
Cash Flows from Financing |
-4,054,329,490 |
-20,929,850,908 |
21,648,746,930 |
|
Increase/Decrease in Cash |
-13,526,899,151 |
12,477,913,281 |
3,124,646,903 |
|
Cash at the Beginning of Year |
19,037,919,508 |
6,560,006,227 |
3,435,359,324 |
|
Cash at the End of Year |
5,511,020,357 |
19,037,919,508 |
6,560,006,227 |
Products, Technologies, Services Description
|
Main Products & Services |
Tire Molds, Tire Production Equipment |
Trade Partners & Competitors
|
Competitors |
DAEKWANG ENTERPRISE CO., LTD. WANJU INDUSTRIAL COMPLEX, 764, YONGAM-RI,
BONGDONG-EUP, WANJU-GUN, JEOLLABUK-DO, KOREA TEL:+82-63-261-0091 FAX:+82-63-261-0095 SHINSUNG MOLD CO., LTD. 384-1, BONGAN-RI, MUJEONG-MYEON,
DAMYANG-GUN, JEOLLANAM-DO, KOREA TEL:+82-61-383-6201~2 FAX:+82-61-383-6203 HIMOLD CO., LTD. H-35, YANGCHON INDUSTRIAL COMPLEX, 3026,
HAGUN-RI, YANGCHON-EUP, GIMPO-SI, GYEONGGI-DO, KOREA TEL:+82-31-987-8392 FAX:+82-31-987-8398 |
Related Parties (Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
YOUNGAM TOUR DEVELOPMENT CO., LTD.(200111-0125728) (20.66% held by the subject company) SAEHAN
(NANJING) MOLD(CHINA) (90.04% held
by the subject company) UNIVERSAL TIRE
MOLDS(USA) (100.00% held
by the subject company) QM HOLDINGS
INC(USA) (71.10% held
by the subject company) SAEHAN
(TIANJIN) MOLD(CHINA) (34.93% held
by the subject company) TIANJIN
SHINHAN MOLD(CHINA) (70.76% held
by the subject company) SAEHAN
HOLDINGS LIMITED(HONG KONG) (100.00% held
by the subject company) SAEHWA-BANDO
VINA(VIETNAM) (100.00% held
by the subject company) SAEHWA IMC
S.R.L(RUMANIA) (100.00% held
by the subject company) SAEHAN (NANJING)
AUTOMATION EQUIPMENT(CHINA) (100.00% held
by the subject company) WIZ INT'L
LOGISTICS CO., LTD.(110111-3589079) (99.10% held
by the subject company) SEMO
ENGINEERING LTD.(200111-0252480) (100.00% held
by the subject company) SHI CO.,
LTD.(194211-0038366) (100.00% held
by the subject company) |
|
Subsidiary |
UNIVERSAL TIRE
MOLDS(USA) (100.00% held
by the subject company) QM HOLDINGS
INC(USA) (71.10% held
by the subject company) KIV ENGINEERING & CONSTRUCTION TIANJIN SHINHAN MOLD SAEHAN (NANJING) MOLD SAEHAN (NANJING) AUTOMATION EQUIPMENT SAEHAN HOLDINGS LIMITED SAEHWA-BANDO VINA SAEHWA IMC S.R.L WIZ INT'L
LOGISTICS CO., LTD.(110111-3589079) (99.10% held
by the subject company) SEMO
ENGINEERING LTD.(200111-0252480) (100.00% held by
the subject company) SHI CO.,
LTD.(194211-0038366) (100.00% held
by the subject company) |
Sales by Region (Activity & Markets)
The Subject deals
with the companies in Indonesia and Japan.
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.00 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.85.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.