|
Report Date : |
08.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHIMRO MUSICAL INSTRUMENTS CO., LTD. |
|
|
|
|
Registered Office : |
Shimro Bldg. 701-5, Banpo 1-dong, Seocho-gu, Seoul, Korea 137-808 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
23.12.1986 |
|
|
|
|
Com. Reg. No.: |
120-81-01812 |
|
|
|
|
Legal Form : |
Co., Ltd by
shares |
|
|
|
|
Line of Business : |
Manufacture of Stringed Instruments |
|
|
|
|
No. of Employees : |
54 |
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 : |
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 |
SHIMRO MUSICAL INSTRUMENTS CO.,
LTD. (Korean Company Name : “심로악기(주)”) |
|
Registered Address |
701-5, Banpo 1-dong, Seocho-gu, Seoul,
Korea |
|
Building |
Shimro Bldg. |
|
Zip Code |
137-808 |
|
Tel |
+82-2-544-9934 |
|
Fax |
+82-2-516-6362 |
|
E-mail |
shimro@shimro.com |
|
Website |
www.shimro.com |
|
Trading Address |
Shimro Bldg., 701-5, Banpo 1-dong,
Seocho-gu, Seoul, Korea (P.O.BOX 3106) |
|
Tel |
+82-2-544-9934 |
|
Fax |
+82-2-544-9924 |
|
Other Address-Logistics Center |
1512-1, Gungchon-ri, Munmak-eup, Wonju-si,
Gangwon-do, Korea |
|
Other Address-Branch |
5-9, Cheongdam-dong, Gangnam-gu, Seoul, Korea |
|
Other Address-Gangwon Branch |
990-5, Hongje-dong, Gangneung-si, Gangwon-do,
Korea |
|
Type |
Export/Import |
|
Industry |
Manufacture of Stringed Instruments |
|
Main Business |
Violin, Viola, Cello, Double Base, Musical Instrument Case, Bow |
|
Sub
Business |
Wholesale of Musical Instruments |
|
Established (mm/dd/yyyy) |
12/23/1986 |
The Subject owns
the premises of registered HQ address and Munmak Factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Violoncellos(60131308) |
|
Sell |
Violins(60131304) |
|
Sell |
String instruments(60131300) |
|
Sell |
Musical instrument parts and
accessories(60131500) |
|
Name |
Kim Won-Jung |
|
Address |
Suite 106-103, 1780, Gyo-dong,
Gangneung-si, Gangwon-do, Korea |
|
Date of Birth |
02/14/1953 |
|
Title |
President & CEO |
|
Sex |
Female |
|
Nationality |
Korean |
|
Capital (KRW) |
1,340,000,000 |
||||||||||||
|
Employees |
54 |
||||||||||||
|
Formation |
Co., Ltd by shares |
||||||||||||
|
Bank Details |
Korea Exchange Bank-Nonhyun Dong Branch Acct. No.: 247-JSP-100584-1 Industrial Bank of Korea-Nonhyun Dong
Branch |
||||||||||||
|
Corporate Registered No. |
110111-0514350 |
||||||||||||
|
Business Registered No. |
120-81-01812 |
||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 931258 |
||||||||||||
|
Shareholder Position |
(*) The above list is based as of
12/31/2008. |
||||||||||||
|
Company History |
06/28/2009 Decreased capital to
1,340,000,000 KRW from 2,000,000,000 KRW 05/2006 'Shimro Violin Aims at World's
Market' on Air 10/2005 Appointed Mr. Shim Jae Yup as Head
Advisor 07/2003 Appointed Mrs. Kim Won Jung as
President 06/13/2001 Relocated head Office to
present HQ address from 5-9, Cheongdam-dong,
Gangnam-gu, Seoul, Korea 04/2001 Founded German Shimro
Musikinstrument Gmbh 03/2001 Appointed Mr. Shim Jae Yup as President 12/1998 Achieving awards from the Minister
of Labor 12/24/1997 Increased capital to
2,000,000,000 KRW from 1,500,000,000 KRW 11/1996 Achieving 5 million USA dollars
exports & the prime minister's award 01/1996 Changed companyname to the present
name 12/1995 Founded WonJu Factory II 05/1995 Founded TianJin Factory in China 05/1994 Achieving awards from the
Administrator of the National Tax Service 10/1993 Built an Apartment for employees 05/1993 Selected as favorable company by
Industrial Bank of Korea 05/1992 Achieving awards from the minister
of KangWon province 12/1992 Started construction of an
Apartment for employees 12/1992 Started Bass production 11/1991 Achieving 1 million USA dollars
exports 08/1989 Began Exports to USA & EC 07/1989 Started Cello production 05/1989 Started Violin & Viola
production 05/1989 Founded WonJu Factory I 04/1987 Started construction of WonJu
factory I 12/23/1986 Incorporated as DONGHAE GENERAL
TRADE CO., LTD. 05/1978 Established as DONGHAE TRADE |
||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
M/S. |
Kim Won-Jung |
Female |
Korean |
07/23/2003 |
|
Executive Director |
Mr. |
Shim Jae-Yeob |
Male |
Korean |
03/02/2009 |
|
Executive Director |
M/S. |
Hwang Yoo-Sook |
Female |
Korean |
03/02/2009 |
|
Auditor |
Mr. |
Kim Hyun-Soo |
Male |
Korean |
06/16/2006 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
20,248,299,891 |
19,122,159,373 |
433,355,646 |
|
|
2010 |
15,153,814,653 |
17,673,386,502 |
716,801,203 |
|
2009 |
15,186,626,716 |
19,199,986,774 |
1,476,925,321 |
|
2008 |
15,556,058,269 |
19,855,062,645 |
1,563,974,208 |
|
2007 |
13,436,870,065 |
17,632,281,181 |
1,062,988,763 |
|
2006 |
11,157,565,064 |
18,828,781,440 |
906,119,541 |
|
2005 |
10,858,843,024 |
20,531,916,351 |
470,088,190 |
|
2004 |
10,955,134,240 |
19,840,858,779 |
833,333,286 |
|
2003 |
13,426,027,134 |
21,385,180,632 |
813,130,495 |
|
Authorized Capital(KRW) |
4,400,000,000 |
|
Paid-Up Capital(KRW) |
1,340,000,000 |
|
Total Issues Shares |
134,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
19,122,159,373 |
17,673,386,502 |
19,199,986,774 |
|
Current Assets |
10,266,758,177 |
8,972,790,597 |
10,205,612,108 |
|
-Quick Assets |
4,523,738,374 |
4,391,013,021 |
5,278,635,550 |
|
-Inventories |
5,743,019,803 |
4,581,777,576 |
4,926,976,558 |
|
Fixed Assets |
8,855,401,196 |
8,700,595,905 |
8,994,374,666 |
|
-Investment |
4,840,972,746 |
4,785,682,028 |
5,125,368,022 |
|
-Tangibles |
3,584,831,814 |
3,451,479,174 |
3,525,893,313 |
|
-Intangibles |
355,467 |
718,534 |
1,309,661 |
|
-Others |
429,241,169 |
462,716,169 |
341,803,670 |
|
Total Liabilities |
2,084,179,938 |
1,221,668,036 |
2,806,902,118 |
|
Current Liabilities |
1,876,213,030 |
1,156,953,992 |
2,663,057,113 |
|
Fixed Liabilities |
207,966,908 |
64,714,044 |
143,845,005 |
|
Capital Stock |
1,340,000,000 |
1,340,000,000 |
1,340,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
14,834,737,266 |
14,401,381,620 |
14,184,580,417 |
|
Capital Adjustment |
863,242,169 |
710,336,846 |
868,504,239 |
|
Total Equity |
17,037,979,435 |
16,451,718,466 |
16,393,084,656 |
|
Liab. & Shareholder’s Equity |
19,122,159,373 |
17,673,386,502 |
19,199,986,774 |
|
Current
Liabilities |
1,876,213,030 |
1,156,953,992 |
2,663,057,113 |
|
Trade Payables |
805,827,711 |
896,556,565 |
497,292,262 |
|
Account Payables |
12,530,448 |
- |
5,016,605 |
|
Withholdings |
316,328,846 |
45,724,390 |
18,474,340 |
|
Advance Receipts |
15,041,798 |
24,209,816 |
15,141,600 |
|
Short-Term Borrowings |
500,000,000 |
- |
1,600,000,000 |
|
Accrued Income Tax |
20,802 |
25,358,062 |
377,068,391 |
|
Accrued Expenses |
126,463,425 |
65,105,159 |
35,063,915 |
|
Guarantee Deposit Received |
100,000,000 |
100,000,000 |
115,000,000 |
|
Fixed
Liabilities |
207,966,908 |
64,714,044 |
143,845,005 |
|
Provision for Severance & Retirement |
207,966,908 |
64,714,044 |
143,845,005 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
20,248,299,891 |
15,153,814,653 |
15,186,626,716 |
|
Cost of Sold Goods |
15,082,927,738 |
11,559,979,733 |
11,065,853,937 |
|
Gross Profit |
5,165,372,153 |
3,593,834,920 |
4,120,772,779 |
|
Selling & Admin. Expenses |
4,747,031,729 |
2,599,290,269 |
2,217,187,176 |
|
Operating Income |
418,340,424 |
994,544,651 |
1,903,585,603 |
|
Non-Operating Income |
335,433,071 |
376,460,855 |
726,059,356 |
|
Non-Operating Expenses |
200,964,165 |
375,494,423 |
573,228,948 |
|
Income Before Taxes |
552,809,330 |
995,511,083 |
2,056,416,011 |
|
Income Taxes Expenses |
119,453,684 |
278,709,880 |
579,490,690 |
|
Net Income |
433,355,646 |
716,801,203 |
1,476,925,321 |
Cash
Flows
|
|||
|
Unit :
Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows
from Operating |
-698,413,508 |
1,180,376,051 |
1,473,144,158 |
|
-Net Income |
433,355,646 |
716,801,203 |
1,476,925,321 |
|
-Exp.
without Cash Outflow |
1,407,601,806 |
482,764,752 |
574,337,864 |
|
-Revenue
without Cash Inflows |
-37,687,649 |
-24,256,881 |
-220,717,915 |
|
-Changes in
Asset/ & Liability |
-2,501,683,311 |
5,066,977 |
-357,401,112 |
|
Cash Flows
from Investing |
-915,791,437 |
1,347,599,270 |
-219,941,455 |
|
-Cash Inflow
from Investing |
120,451,364 |
1,515,954,364 |
743,910,000 |
|
-Cash
Outflows for Investing |
-1,036,242,801 |
-168,355,094 |
-963,851,455 |
|
Cash Flows from Financing |
500,000,000 |
-2,115,000,000 |
-1,060,000,000 |
|
-Cash
Inflows from Financing |
500,000,000 |
- |
- |
|
-Cash
Outflows from Financing |
- |
-2,115,000,000 |
-1,060,000,000 |
|
Increase/Decrease
in Cash |
-1,114,204,945 |
412,975,321 |
193,202,703 |
|
Cash at the
Beginning of Year |
1,933,037,757 |
1,520,062,436 |
1,326,859,733 |
|
Cash at the
End of Year |
818,832,812 |
1,933,037,757 |
1,520,062,436 |
|
Main Products & Services |
Manufacture of String Instruments including
Violin, Viola, Cello, Bass, Bow and Case Import Wind & String Instruments Import related parts including Electronic Instruments,
P/A Systems Import Percussion Instruments & Related
Parts Brand Name : Shimro, St. Antonio, Karl
Heinrich |
|
Suppliers |
LANEY DIGITECH TIANJIN SHIMRO MUSICAL INSTRUMENTS CO., LTD.(CHINA) |
|
Competitors |
COR-TEK CORP. 660, DEUNGCHON-DONG, GANGSEO-GU, SEOUL,
KOREA TEL:+82-2-3661-1981 FAX:+82-2-3661-1986~7 DAE WON MUSICAL INSTRUMENT CO., LTD. RM. 607, JEUSPLAZA, 924, SAU-DONG,
GIMPO-SI, GYEONGGI-DO, KOREA TEL:+82-31-984-4115~6 FAX:+82-31-984-4118 SPG MUSICAL INSTRUMENTS CO., LTD. 414-2, CHEONGCHEON 2-DONG, BUPYEONG-GU,
INCHEON, KOREA TEL:+82-32-525-3540 FAX:+82-32-525-3539 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Overseas Office |
TIANJIN SHIMRO MUSICAL INSTRUMENTS CO., LTD.(CHINA) (100.0% held by the subject company) TIONJIN NEW TECHNOLOGY INDUSTRIAL PARK WUGING DEVELOPMENT AREA, CHINA TEL:+86-22-8212-3242 FAX:+86-22-8212-3243 SHIMRO GERMANY GMBH I. G CO., LTD. (100.0% held by the subject company) GEWERBEPARK 31-33, 08258 MARKNEUKIRCHEN,
GERMANY |
|
Subsidiary |
TIANJIN SHIMRO MUSICAL INSTRUMENTS CO., LTD.(CHINA) (100.0% held by the subject company) TIONJIN NEW TECHNOLOGY INDUSTRIAL PARK WUGING DEVELOPMENT AREA, CHINA TEL:+86-22-8212-3242 FAX:+86-22-8212-3243 SHIMRO GERMANY GMBH I. G CO., LTD. (100.0% held by the subject company) GEWERBEPARK 31-33, 08258 MARKNEUKIRCHEN,
GERMANY |
|
Cooperative Enterprise |
-Insured Company DONGBU INSURANCE CO., LTD.(110111-0095285) |
(Activity &
Markets)
The Subject exports to 35 countries including USA and Europe, and
imports from China.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.98 |
|
|
1 |
Rs.88.11 |
|
Euro |
1 |
Rs.71.67 |
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.