|
Report Date : |
16.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
SEJIN HEAVY INDUSTRIES CO., LTD. |
|
|
|
|
Registered Office : |
1213, Wonsan-ri, Onsan-eup, Ulju-gun, Ulsan, Korea 689-892 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
08.09.1999 |
|
|
|
|
Com. Reg. No.: |
610-81-37716 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Sections for Ships |
|
|
|
|
No. of Employees : |
344 |
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 |
|
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 |
SEJIN HEAVY
INDUSTRIES CO., LTD. (Korean Company
Name : “(주)세진중공업”) |
|
Registered Address |
1213, Wonsan-ri, Onsan-eup, Ulju-gun,
Ulsan, Korea |
|
Zip Code |
689-892 |
|
Tel |
+82-52-231-8000 |
|
Fax |
+82-52-239-7010 |
|
E-mail |
soonmo2000@sejinheavy.com;hajw@sejinheavy.com |
|
Website |
www.sejinheavy.com |
|
Trading Address |
1213, Wonsan-ri, Onsan-eup, Ulju-gun,
Ulsan, Korea |
|
Tel |
+82-52-231-8000 |
|
Fax |
+82-52-239-7010 |
|
Other Address-Sanam Factory |
402-1, Sanam-ri, Onsan-eup, Ulju-gun,
Ulsan, Korea |
|
Tel |
+82-52-240-8200 |
|
Fax |
+82-52-239-8652 |
|
Other Address-Hangnam Branch Office |
60-1, Hangnam-ri, Onsan-eup, Ulju-gun, Ulsan, Korea |
|
Type |
Export/Import |
|
Industry |
Manufacture of Sections for Ships |
|
Main Business |
Upper Deck, Deck House |
|
Established (mm/dd/yyyy) |
09/08/1999 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Boilers(40102000) |
|
Sell |
Marine craft systems and
subassemblies(25111900) |
|
Name |
Yoon Jong-Kook |
|
Address |
Suite 102-4003, 82-1, Okgyo-dong,
Jung-gu, Ulsan, Korea |
|
Date of Birth |
05/17/1954 |
|
Title |
Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
20,000,000,000 |
|||||||||||||||||||||
|
Employees |
344 |
|||||||||||||||||||||
|
Formation |
Co., Ltd by Shares |
|||||||||||||||||||||
|
Bank Details |
Gyungnam Bank-Haksung Branch Nonghyup Bank Industrial Bank of Korea Korea Development Bank |
|||||||||||||||||||||
|
Corporate Registered No. |
230111-0060126 |
|||||||||||||||||||||
|
Business Registered No. |
610-81-37716 |
|||||||||||||||||||||
|
Permit & Licenses |
12/2000 ISO 9001 Int’l Trade No.: 17100069 |
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|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
09/08/1999 Incorporated as the present name 11/2005 Awarded US$ 50 Million Export Top
Prize 11/2006 Awarded US$ 100 Million Export Top
Prize 12/15/2006 Moved to the present HQ address
from 60-1, Hangnam-ri, Onsan-eup, Ulju-gun, Ulsan, Korea 05/05/2011 Spin off the par value to 500 KRW from
5,000 KRW 05/17/2011 Increased capital to 20,000,000,000
KRW from 13,400,000,000 KRW |
|||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Chairman & CEO |
Mr. |
Yoon Jong-Kook |
Male |
Korean |
04/09/2007 |
|
President & CEO |
Mr. |
Lee Eui-Yeol |
Male |
Korean |
07/02/2012 |
|
Director |
Mr. |
Yoon Jong-Dae |
Male |
Korean |
04/09/2010 |
|
Director |
Mr. |
Lim Jung-Shim |
Male |
Korean |
04/09/2010 |
|
Auditor |
Mr. |
Hur Jin-Kook |
Male |
Korean |
04/09/2010 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
394,755,863,390 |
341,717,812,877 |
7,297,501,389 |
|
|
2010 |
297,878,342,641 |
316,863,964,184 |
15,709,334,370 |
|
2009 |
372,639,268,729 |
322,470,425,554 |
28,013,885,043 |
|
2008 |
335,117,656,736 |
267,542,383,811 |
27,430,174,606 |
|
2007 |
190,358,504,118 |
184,104,208,237 |
12,233,785,454 |
|
2006 |
139,580,634,986 |
104,865,621,417 |
8,701,718,370 |
|
Authorized Capital(KRW) |
40,000,000,000 |
|
Paid-Up Capital(KRW) |
20,000,000,000 |
|
Total Issued Shares |
34,400,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
341,717,812,877 |
316,863,964,184 |
322,470,425,554 |
|
Current Assets |
97,025,381,196 |
87,294,236,162 |
145,459,014,588 |
|
-Quick Assets |
55,658,566,323 |
45,873,062,556 |
107,410,123,465 |
|
-Inventories |
41,366,814,873 |
41,421,173,606 |
38,048,891,123 |
|
Fixed Assets |
244,692,431,681 |
229,569,728,022 |
177,011,410,966 |
|
-Investment |
5,040,527,219 |
3,057,118,424 |
1,233,380,000 |
|
-Tangibles |
234,807,582,334 |
221,108,951,773 |
171,436,334,677 |
|
-Intangibles |
4,844,322,128 |
5,403,657,825 |
4,341,696,289 |
|
Total Liabilities |
231,895,637,664 |
212,219,290,360 |
224,991,476,954 |
|
Current Liabilities |
100,705,614,232 |
105,538,178,057 |
114,575,887,868 |
|
Fixed Liabilities |
131,190,023,432 |
106,681,112,303 |
110,415,589,086 |
|
Capital Stock |
20,000,000,000 |
13,400,000,000 |
13,400,000,000 |
|
Capital Surplus |
- |
6,600,000,000 |
6,600,000,000 |
|
Profit Surplus |
89,822,175,213 |
84,644,673,824 |
77,478,948,600 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
109,822,175,213 |
104,644,673,824 |
97,478,948,600 |
|
Liab. & Shareholder’s Equity |
341,717,812,877 |
316,863,964,184 |
322,470,425,554 |
|
Current Liabilities |
100,705,614,232 |
105,538,178,057 |
114,575,887,868 |
|
Trade Payables |
28,391,416,059 |
22,888,079,575 |
10,238,587,604 |
|
Account Payables |
6,276,077,752 |
3,750,570,643 |
8,025,440,018 |
|
Advance Receipts |
4,868,009,202 |
615,000,000 |
3,084,900,000 |
|
Withholdings |
2,518,766,401 |
2,813,460,329 |
2,270,407,167 |
|
Short-Term Borrowings |
35,618,500,000 |
44,000,000,000 |
51,000,000,000 |
|
Accrued Income Tax |
1,842,371,536 |
1,337,916,513 |
4,214,144,295 |
|
Accrued Expenses |
278,197,713 |
269,841,950 |
285,363,085 |
|
Current Portion of Long-Term Debts |
20,912,275,569 |
29,863,309,047 |
35,457,045,699 |
|
Fixed Liabilities |
131,190,023,432 |
106,681,112,303 |
110,415,589,086 |
|
Long-Term Borrowings |
128,642,222,352 |
103,913,700,784 |
105,878,400,000 |
|
Leasehold Deposit Received |
300,000,000 |
20,000,000 |
100,000,000 |
|
Provision for Severance & Retirement |
2,497,801,080 |
1,789,055,950 |
1,621,444,470 |
|
Long-Term Account Payables |
- |
1,158,355,569 |
2,815,744,616 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
394,755,863,390 |
297,878,342,641 |
372,639,268,729 |
|
Cost of Sold Goods |
346,826,581,697 |
254,545,294,030 |
313,232,741,208 |
|
Gross Profit |
47,929,281,693 |
43,333,048,611 |
59,406,527,521 |
|
Selling & Admin. Expenses |
20,587,332,081 |
18,976,593,447 |
17,360,932,636 |
|
Operating Income |
27,341,949,612 |
24,356,455,164 |
42,045,594,885 |
|
Non-Operating Income |
1,336,806,667 |
7,234,297,200 |
4,293,535,253 |
|
Non-Operating Expenses |
13,543,517,024 |
11,447,484,249 |
9,546,533,346 |
|
Income Before Taxes |
15,135,239,255 |
20,143,268,115 |
36,792,596,792 |
|
Income Taxes Expenses |
7,837,737,866 |
4,433,933,745 |
8,778,711,749 |
|
Net Income |
7,297,501,389 |
15,709,334,370 |
28,013,885,043 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
28,001,591,468 |
29,863,062,108 |
84,763,302,804 |
|
-Net Income |
7,297,501,389 |
15,709,334,370 |
28,013,885,043 |
|
-Exp. without Cash Outflow |
16,144,615,117 |
16,496,356,034 |
12,083,174,823 |
|
-Revenue without Cash Inflows |
-18,610,899 |
-3,507,034,446 |
-337,412,985 |
|
-Changes in Asset/ & Liability |
4,578,085,861 |
1,164,406,150 |
45,003,655,923 |
|
Cash Flows from Investing |
-32,404,111,675 |
-25,606,589,801 |
-101,568,045,271 |
|
-Cash Inflow from Investing |
1,602,027,732 |
115,165,666,440 |
89,206,749 |
|
-Cash Outflows for Investing |
-34,006,139,407 |
-140,772,256,241 |
-101,657,252,020 |
|
Cash Flows from Financing |
4,117,632,521 |
-25,536,509,847 |
23,659,561,870 |
|
-Cash Inflows from Financing |
44,482,441,568 |
26,241,220,784 |
41,340,011,113 |
|
-Cash Outflows from Financing |
-40,364,809,047 |
-51,777,730,631 |
-17,680,449,243 |
|
Increase/Decrease in Cash |
-284,887,686 |
-21,280,037,540 |
6,854,819,403 |
|
Cash at the Beginning of Year |
306,903,790 |
21,586,941,330 |
14,732,121,927 |
|
Cash at the End of Year |
22,016,104 |
306,903,790 |
21,586,941,330 |
|
Main Products & Services |
Upper Deck, Deck House |
|
Customers |
DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD.(110111-2095837) HYUNDAI MIPO DOCKYARD CO., LTD.(181211-0000526) |
|
Competitors |
STX HEAVY INDUSTRIES CO., LTD. 66-5, SINCHON-DONG, CHANGWON-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-278-9400 FAX:+82-55-264-0836 SAMJIN SHIPBUILDING INDUSTRIES CO., LTD. 12TH FL., BOOKOOK SECURITIES CO. BLDG.,
34-2, YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-2632-5111 FAX:+82-2-2634-5125 ORIENTAL PRECISION & ENGINEERING CO.,
LTD. 1614-1, SONGJEONG-DONG, GANGSEO-GU, BUSAN,
KOREA TEL:+82-51-202-0101 FAX:+82-51-831-3306 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
SEWON INDUSTRY CO., LTD.(230111-0143188) SEJIN INNOTECH CO., LTD.(230111-0145332) SEJIN CO., LTD.(171211-0011848) |
|
Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) |
(Activity & Markets)
Not Available.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.99 |
|
|
1 |
Rs.83.72 |
|
Euro |
1 |
Rs.72.08 |
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.