|
Report Date : |
08.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
sEABANG gLOBAL bATTERY cO., lTD. |
|
|
|
|
Registered Office : |
Sebang Building, 6th Fl., 708-8, Yeoksam 2-dong, Gangnam-gu, Seoul,
Korea 135-919 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
09.10.1952 |
|
|
|
|
Com. Reg. No.: |
220-81-00490 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Accumulators, Automotive Batteries, Industrial
Batteries, Motorcycle Batteries, Battery. |
|
|
|
|
No. of Employees : |
793 |
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 – 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 |
SEABANG GLOBAL BATTERY CO., LTD. |
|
Registered Address |
708-8, Yeoksam 2-dong, Gangnam-gu, Seoul, Korea |
|
Building |
6th
Fl., Sebang Bldg. |
|
Zip Code |
135-919 |
|
Tel |
+82-2-3451-6201 |
|
Fax |
+82-2-3451-6301 |
|
E-mail |
antony@gbattery.com;yhs@gbattery.com;hikaru@gbattery.com;donchoi@gbattery.com |
|
Website |
www.gbattery.com |
|
Trading
Address |
6th Fl., Sebang Bldg., 708-8, Yeoksam 2-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-3451-6201 |
|
Fax |
+82-2-3451-6301 |
|
Other
Address-Gwangju Factory |
500-4, Hanam-dong, Gwangsan-gu, Gwangju, Korea |
|
Tel |
+82-62-601-6100 |
|
Fax |
+82-62-951-4126 |
|
Other
Address-Chang-won Factory |
601-9,
Namsan-dong, Changwon-si, Gyeongsangnam-do, Korea |
|
Tel |
+82-55-279-9700 |
|
Fax |
+82-55-282-2658 |
|
Other
Address-Daegu Branch |
3rd Fl., KARICO Bldg., 123-1, Sincheon 3-dong, Dong-gu, Daegu, Korea |
|
Tel |
+82-53-746-9201~3 |
|
Fax |
+82-53-746-9204 |
|
Other
Address-Daejeon Branch |
3rd
Fl., Unam Bldg., 62-1, Ojeong-dong, Daedeok-gu, Daejeon, Korea |
|
Tel |
+82-42-632-8841 |
|
Fax |
|
|
Other
Address-Gwangju Branch |
603-4, Gwangcheon-dong, Seo-gu, Gwangju, Korea |
|
Tel |
+82-62-365-9969 |
|
Fax |
|
|
Other
Address-Busan Branch |
Rm.
301, Leaders Bldg., 313-3, Daecheong-ri, Jangyu-myeon, Gimhae-si,
Gyeongsangnam-do, Korea |
|
Tel |
+82-55-314-6515 |
|
Fax |
+82-55-314-6514 |
|
Other
Address-Gyoenggi Branch |
827-6, Gwanyang 2-dong, Dongan-gu, Anyang-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-436-3200 |
|
Fax |
+82-31-436-3353 |
|
Type |
Export/Import |
|
Industry |
Manufacture
of Accumulators |
|
Main Business |
Automotive
Batteries, Industrial Batteries, Motorcycle Batteries, Battery |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
09/10/1952 |
The Subject owns
the premises of Gwangju Factory and Chang-won Factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Vehicle batteries(26111703) |
|
Sell |
Batteries and cells and accessories(26111700) |
|
Name |
Kim
Sung-Kyu |
|
Address |
-- |
|
Date of Birth |
12/12/1958 |
|
Title |
Vice
Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
7,000,000,000 |
|||||||||||||||
|
Employees |
793 |
|||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange : 004490) as of 11/29/1987 Foreign Direct Investment Corporation A
Company of Sebang Group |
|||||||||||||||
|
Bank Details |
Shinhan Bank-Tehran Ro Branch Citibank Korea |
|||||||||||||||
|
Corporate Registered No. |
110111-0202765 |
|||||||||||||||
|
Business Registered No. |
220-81-00490 |
|||||||||||||||
|
Permit & Licenses |
03/1967 KS Mark 12/1968 KS Mark 02/1970 Ks Mark 11/1974 KS Mark 11/1989 JIS 07/1993 ISO 9002 by DNS 04/1994 ISO 9001 by DNS 05/1994 ISO 9001 by DNS 10/1995 KS Mark 09/2004 ISO 14001 10/2007 KS Mark Int’l
Trade No.: 777027 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
09/10/1952 Incorporated as Daeyang
Technology Research Center 07/1961 Changed company name to Jinhae
Battery Industry Co., Ltd. 02/1966 Changed company name to Jinhae
Battery Co., Ltd. 09/1978 Changed company name to the present
name 12/2008 Awarded US$300 Million Export Top
Prize 11/2010 Awarded US$ 400 Million Export Top
Prize 11/2011 Awarded US$ 500 Million Export Top
Prize |
|||||||||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Nationality |
Date of
Birth |
Education/Career |
|
Chairman |
Mr. |
Lee
Eui-Soon |
Korean |
1923.06.12 |
Foreign
Language University in Japan |
|
Vice
Chairman & CEO |
Mr. |
Lee Sang-Woong |
Korean |
1958.12.12 |
Seogang
University, Korea |
|
President
& CEO |
Mr. |
Kim Sung-Kyu |
Korean |
1951.01.07 |
Korea
University, Korea |
|
Director |
Mr. |
Yoda
Makoto |
Japanese |
1950.01.24 |
Present
President of GS Yuasa Power Supply |
|
Outside
Director/ Auditor |
Mr. |
Kim Jae-Sun |
Korean |
1948.11 |
Yonsei University, Korea |
|
Outside
Director/ Auditor |
Mr. |
Kim
Joo-Sun |
Korean |
1967.10.14 |
KAIST,
Korea |
|
Auditor |
Mr. |
Seo
Young-Kil |
Korean |
1945.03 |
Korea
University, Korea |
Financials
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
620,906,866,892 |
749,846,965,602 |
75,133,852,500 |
|
|
(*)2011 |
953,871,594,678 |
712,634,498,379 |
105,374,945,854 |
|
(*)2010 |
790,200,173,691 |
593,934,630,277 |
85,826,884,296 |
|
2009 |
627,174,255,866 |
428,991,487,635 |
70,289,574,494 |
|
2008 |
624,588,851,164 |
358,862,223,342 |
75,368,845,987 |
|
2007 |
496,287,206,324 |
316,751,081,071 |
18,808,672,221 |
|
2006 |
319,529,859,554 |
262,981,942,994 |
11,903,121,305 |
|
2005 |
290,142,246,871 |
250,195,482,138 |
13,893,753,311 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
19,600,000,000 |
|
Paid-Up Capital(KRW) |
7,000,000,000 |
|
Total Issues Shares |
14,000,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
749,846,965,602 |
712,634,498,379 |
593,934,630,277 |
|
Current
Assets |
541,197,757,078 |
524,580,637,244 |
457,506,374,167 |
|
Cash & Cash Equivalents |
111,049,882,845 |
112,735,857,399 |
118,522,058,636 |
|
Current Financial Instruments |
160,018,338,046 |
95,000,000,000 |
63,000,000,000 |
|
Marketable Financial Instruments |
22,709,756 |
17,742,515 |
3,232,752 |
|
Trade Receivables & Other
Receivables |
152,375,987,563 |
191,906,818,486 |
174,587,203,067 |
|
Inventories |
109,877,405,921 |
115,014,828,643 |
92,356,528,544 |
|
Other Current Assets |
7,853,432,947 |
9,905,390,201 |
9,037,351,168 |
|
Non-Current
Assets |
208,649,208,524 |
188,053,861,135 |
136,428,256,110 |
|
Long-Term Trade Receivables |
0 |
0 |
62,192,930 |
|
Non-Current Marketable Financial
Instruments |
6,845,508,940 |
6,851,195,552 |
6,742,365,298 |
|
Non-Current Held-to-Maturity
Financial Assets |
2,500,000,000 |
2,500,000,000 |
2,500,000,000 |
|
Tangibles |
192,468,597,070 |
171,362,128,892 |
118,488,955,983 |
|
Intangibles |
2,927,651,980 |
3,505,377,917 |
3,866,514,949 |
|
Investment_Real Estates |
2,279,179,000 |
2,279,179,000 |
2,718,356,909 |
|
Other Non-Current Assets |
1,589,646,586 |
1,517,354,126 |
2,011,244,126 |
|
Other Non-Current Assets to be
Sold |
38,624,948 |
38,625,648 |
38,625,915 |
|
Total
Liabilities |
189,180,971,213 |
222,215,306,307 |
201,526,482,010 |
|
Current
Liabilities |
170,002,689,041 |
207,608,451,041 |
180,842,372,991 |
|
Trade Payables & Other
Payables |
85,331,457,495 |
82,116,295,347 |
72,268,168,710 |
|
Short-Term Borrowings |
66,885,262,895 |
93,267,901,666 |
78,886,921,822 |
|
Current Portion of Long-Term
Debts |
108,818,100 |
102,321,000 |
93,888,900 |
|
Provision for Sales Guarantee |
70,855,296 |
163,059,206 |
481,777,019 |
|
Other Current Liabilities |
17,606,295,255 |
31,958,873,822 |
29,111,616,540 |
|
Non-Current
Liabilities |
19,178,282,172 |
14,606,855,266 |
20,684,109,019 |
|
Long-Term Trade Payables &
Other Payables |
1,508,184,662 |
1,171,229,260 |
1,120,068,576 |
|
Long-Term Borrowings |
514,367,100 |
596,799,900 |
699,120,900 |
|
Provision for Severance & Retirement |
10,577,646,369 |
5,517,755,643 |
10,959,670,928 |
|
Deferred Income Tax Credit |
6,578,084,041 |
7,321,070,463 |
7,905,248,615 |
|
Capital
Stock |
7,000,000,000 |
7,000,000,000 |
7,000,000,000 |
|
Capital Surplus |
58,944,253,239 |
58,944,253,239 |
58,944,253,239 |
|
Others |
1,337,180,268 |
1,353,647,341 |
1,319,408,546 |
|
Profit Surplus |
493,384,560,882 |
423,121,291,492 |
325,144,486,482 |
|
Total Equity |
560,665,994,389 |
490,419,192,072 |
392,408,148,267 |
|
Liab. & Shareholder’s Equity |
749,846,965,602 |
712,634,498,379 |
593,934,630,277 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
620,906,866,892 |
953,871,594,678 |
790,200,173,691 |
|
Cost of Sold Goods |
478,150,390,085 |
752,482,468,522 |
614,523,150,613 |
|
Gross Profit |
142,756,476,807 |
201,389,126,156 |
175,677,023,078 |
|
Selling & Admin. Expenses |
48,117,911,259 |
70,167,378,087 |
63,314,922,261 |
|
Other Operating Income |
3,918,802,127 |
9,087,824,586 |
5,365,809,932 |
|
Other Operating Expenses |
4,293,459,993 |
9,627,650,281 |
8,907,730,674 |
|
Operating Income |
94,263,907,682 |
130,681,922,374 |
108,820,180,075 |
|
Finance Income |
7,060,704,448 |
8,432,752,160 |
6,072,500,944 |
|
Finance Expenses |
1,298,149,908 |
2,090,080,043 |
2,165,321,156 |
|
Income Before Taxes |
100,026,462,222 |
137,024,594,491 |
112,727,359,863 |
|
Income Taxes Expenses |
24,892,609,722 |
31,649,648,637 |
26,900,475,567 |
|
Income from Continuous Business |
75,133,852,500 |
105,374,945,854 |
85,826,884,296 |
|
Income from Stopped Business |
0 |
0 |
0 |
|
Net Income |
75,133,852,500 |
105,374,945,854 |
85,826,884,296 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Operating
Activities Cash Flows |
128,999,909,234 |
82,962,268,938 |
111,986,956,238 |
|
Net Income |
75,133,852,500 |
105,374,945,854 |
85,826,884,296 |
|
Adjustment |
85,249,680,137 |
-2,028,889,924 |
47,615,057,156 |
|
Interests Received |
5,683,301,874 |
6,697,507,737 |
4,970,952,632 |
|
Dividends Received |
72,923,519 |
70,000,000 |
70,000,000 |
|
Interests Paid |
-1,292,901,908 |
-2,093,058,043 |
-2,265,291,627 |
|
Income Taxes |
-35,846,946,888 |
-25,058,236,686 |
-24,230,646,219 |
|
Cash Flows from Investing |
-99,634,615,118 |
-97,892,021,845 |
-24,122,032,832 |
|
Cash Flows from Financing |
-31,042,064,534 |
8,689,270,035 |
-5,581,308,949 |
|
Increase/Decrease in Cash |
-1,637,907,182 |
-6,236,709,111 |
82,191,827,334 |
|
Cash at the Beginning of Year |
113,326,923,970 |
119,563,633,081 |
37,371,805,747 |
|
Cash at the End of Year |
111,689,016,788 |
113,326,923,970 |
119,563,633,081 |
|
Main Products & Services |
Automotive Batteries, Industrial Batteries, Motorcycle Batteries,
Battery Brand Name : Rocket |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
KOREA ZINC INC.(110111-0168404) GLOBAL
INDUSTRIAL CO., LTD.(134111-0002612) |
|
Customers |
HYUNDAI MOTOR CO(110111-0085450) KIA MOTORS CORPORATION(110111-0037998) SSANGYONG MOTOR CO., LTD.(110111-0035132) GM DAEWOO AUTO & TECHNOLOGY
COMPANY(120111-0294124) |
|
Competitors |
HYUNDAI ENERCELL CO.,LTD.(131111-0003043) ATLAS BX CO.,LTD.(160111-0003486) DELKOR CORPORATION(110111-0409030) |
|
Affiliates |
SEBANG CO., LTD.(180111-0015932) SEBANG HI-TECH CO., LTD.(110111-1392060) HANKOOK SHIPPING CO., LTD.(110111-0029838) OJU SHIPPING CO., LTD.(11011100131823) WOOJU SHIPPING CO., LTD.(110111-0198708) OVERSEAS AIR FREIGHT CO.,
LTD.(110111-0107139) BUSAN INTERNATIONAL CONTAINER TERMINAL CO.,
LTD.(180111-0525858) KWANGYANG INTERNATIONAL CONTAINER TERMINAL
CO., LTD.(204611-0022029) GLOBAL INDUSTRIAL CO., LTD.(134111-0002612) GLOBAL EXPRESS CO., LTD.(110111-0007602) SEBANG NEW PORT LOGISTICS CO.,
LTD.(180111-0602515) SEBANG KWANGYANG INTERNATIONAL LOGISTICS
CO., LTD.(204611-0025974) MOKPO DAEBUL PORT OPERATION CO.,
LTD.(205411-0014376) |
|
Cooperative Enterprise |
-Insured Company LIG INSURANCE CO., LTD(110111-0017859) -Technology Support from EN-CONSULTING M&G
ECO-BATTERY |
|
Sales/ Unit
:Mil KRW |
09/2012 |
2011 |
2010 |
|
Export |
340,962 |
569,410 |
490,034 |
|
Domestic |
279,945 |
384,462 |
300,166 |
|
Total |
620,907 |
953,872 |
790,200 |
The Subject deals with
the companies in China, Japan and USA.
No.
Not Available.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.14 |
|
|
1 |
Rs.83.27 |
|
Euro |
1 |
Rs.71.94 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.