|
Report Date : |
14.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SEUNG IL CORPORATION |
|
|
|
|
Registered Office : |
256, Singal-ri, Jiksan-eup, Seobuk-gu, Cheonan-si, Chungcheongnam-do,
Korea 331-814 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
26.12.1978 |
|
|
|
|
Com. Reg. No.: |
137-81-01955 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Metal Cans and Shipping Containers |
|
|
|
|
No. of Employees : |
332 |
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 (31.03.2012) |
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 |
SEUNG IL CORPORATION |
|
Registered Address |
256, Singal-ri, Jiksan-eup, Seobuk-gu, Cheonan-si, Chungcheongnam-do,
Korea |
|
Zip Code |
331-814 |
|
Tel |
+82-41-411-1811 |
|
Fax |
+82-41-411-1817 |
|
E-mail |
jjpark@seungilcan.co.kr |
|
Website |
www.seungilcan.co.kr |
|
Trading Address |
S&W Bldg., 1628-19, Seocho 1-dong, Seocho-gu, Seoul, Korea |
|
Tel |
+82-2-2186-1114 |
|
Fax |
+82-2-2186-1249 |
|
Other Address |
6-danji, Korea Industrial Complex, 1385-13, Juan 5-dong, Nam-gu,
Incheon, Korea |
|
Tel |
+82-32-718-1300 |
|
Fax |
+82-32-864-8916 |
|
Other Address |
692-1, Dohwa 2.3-dong, Nam-gu, Incheon, Korea |
|
Tel |
+82-32-862-0246 |
|
Fax |
+82-32-862-0247 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Metal Cans and Shipping Containers |
|
Main Business |
Aerosol Aluminium Cans, Aerosol Valves, Actuators, Cap Button |
|
Established (mm/dd/yyyy) |
12/26/1978 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Aerosol cans(24121801) |
|
Sell |
Aluminum cans(24121806) |
|
Sell |
Pressure measuring and control instruments(41112400 |
|
Buy |
Tin plate(30102213) |
|
Name |
Hyun Chang-Soo |
|
Date of Birth |
04/30/1957 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
3,066,056,000 |
|||||||||||||||||||||||||||||||||||||||
|
Employees |
332 |
|||||||||||||||||||||||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 049830) as of 01/18/2001 |
|||||||||||||||||||||||||||||||||||||||
|
Bank Details |
Industrial Bank of Korea-Incehon Branch |
|||||||||||||||||||||||||||||||||||||||
|
Corporate Registered No. |
120111-0007204 |
|||||||||||||||||||||||||||||||||||||||
|
Business Registered No. |
137-81-01955 |
|||||||||||||||||||||||||||||||||||||||
|
Permit & Licenses |
06/27/2003 ISO 9001 Int’l Trade No.: 210058 |
|||||||||||||||||||||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||||||||||||||||||||
|
Company History |
12/26/1978 Incorporated as SEUNG IL JEKWAN
CO., LTD. 03/02/2007 Changed company name to the
present name 11/30/2010 Awarded US$ 20 Million Export
Top Prize |
|||||||||||||||||||||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inaugurated Date |
|
President & CEO |
Mr. |
Hyun Chang-Soo |
Male |
Korean |
03/13/2012 |
|
Vice President |
Mr. |
Mo Yeon-Man |
Male |
Korean |
03/12/2010 |
|
Director |
Mr. |
Baik Sang-Jo |
Male |
Korean |
03/13/2012 |
|
Outside Director |
Mr. |
Ji Yong-Taik |
Male |
Korean |
03/04/2011 |
|
Auditor |
Mr. |
Nam Ki-Il |
Male |
Korean |
03/13/2012 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
111,986,325,000 |
138,015,001,000 |
4,875,630,000 |
|
|
(*)2011 |
136,753,616,000 |
133,464,577,000 |
4,609,616,000 |
|
(*)2010 |
123,610,087,000 |
129,971,057,000 |
9,870,996,000 |
|
2009 |
110,970,499,000 |
97,802,430,000 |
4,085,962,000 |
|
2008 |
87,674,185,000 |
83,419,782,000 |
4,446,542,000 |
Financial
Description
|
Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
3,066,056,000 |
|
Total Issued Shares |
6,132,112 |
|
Unit : Thousand Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
138,015,001 |
133,464,577 |
129,971,057 |
|
Current Assets |
76,857,961 |
68,795,726 |
66,266,222 |
|
Cash & Cash
Equivalents |
5,421,172 |
5,396,825 |
7,902,564 |
|
Other Finance Assets |
12,391,955 |
14,044,893 |
13,186,409 |
|
Trade Receivables |
36,430,012 |
28,100,089 |
28,857,785 |
|
Other Receivables |
4,875,044 |
3,429,295 |
1,256,361 |
|
Other Current Assets |
1,997,771 |
488,950 |
355,190 |
|
Inventories |
15,742,007 |
17,335,674 |
14,707,913 |
|
Non-Current Assets |
61,157,040 |
64,668,851 |
63,704,835 |
|
Tangibles |
56,607,532 |
59,434,794 |
60,041,916 |
|
Intangibles |
605,584 |
690,714 |
843,932 |
|
Marketable Financial
Instruments |
1,140,000 |
1,140,000 |
140,000 |
|
Other Financial
Assets |
1,089,477 |
1,741,444 |
1,063,653 |
|
Other Receivables |
1,628,835 |
1,545,314 |
1,441,865 |
|
Other Non-Current
Assets |
85,612 |
116,585 |
173,469 |
|
Total Liabilities |
32,017,620 |
31,840,686 |
32,454,643 |
|
Current Liabilities |
25,937,354 |
25,678,383 |
23,906,432 |
|
Trade Payables |
18,750,293 |
17,359,053 |
16,356,939 |
|
Short-Term Borrowings |
1,819,793 |
3,882,566 |
3,907,136 |
|
Other Payables |
2,729,145 |
3,168,499 |
2,532,771 |
|
Accrued Income Tax |
1,575,266 |
|
283,008 |
|
Other Current
Liabilities |
1,041,484 |
508,817 |
545,511 |
|
Other Current
Financial Debts |
21,373 |
759,448 |
281,067 |
|
Non-Current
Liabilities |
6,080,266 |
6,162,303 |
8,548,211 |
|
Confirmed Salaries |
|
|
1,476,576 |
|
Deferred Income Tax
Credit |
6,080,266 |
6,162,303 |
7,071,635 |
|
Capital Stock |
3,066,056 |
3,066,056 |
3,066,056 |
|
Capital Surplus |
18,881,802 |
18,881,802 |
18,881,802 |
|
Others |
-1,449,347 |
-1,449,347 |
-1,449,347 |
|
Profit Surplus |
85,498,870 |
81,125,380 |
77,017,903 |
|
Total Equity |
105,997,381 |
101,623,891 |
97,516,414 |
|
Liab. &
Shareholder’s Equity |
138,015,001 |
133,464,577 |
129,971,057 |
|
Unit : Thousand Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
111,986,325 |
136,753,616 |
123,610,087 |
|
Cost of Sold Goods |
101,054,041 |
124,998,522 |
112,214,042 |
|
Gross Profit |
10,932,284 |
11,755,094 |
11,396,045 |
|
Other Operating Income |
319,319 |
223,869 |
7,624,421 |
|
Selling & Admin.
Expenses |
5,586,911 |
7,548,291 |
7,167,502 |
|
Other Operating
Expenses |
21,361 |
70,578 |
49,984 |
|
Operating Income |
5,643,331 |
4,360,094 |
11,802,980 |
|
Finance Income |
1,296,550 |
1,472,444 |
2,360,039 |
|
Finance Expenses |
514,242 |
1,375,711 |
1,768,331 |
|
Income from
Continuous Business |
6,425,639 |
4,456,827 |
12,394,688 |
|
Income from Stopped
Business |
1,550,009 |
-152,789 |
2,523,692 |
|
Net Income |
4,875,630 |
4,609,616 |
9,870,996 |
|
Unit : Thousand Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Operating Activities
Cash Flows |
805,275 |
5,945,943 |
186,130 |
|
Cash Flows from
Operating |
528,998 |
6,686,775 |
831,591 |
|
Net Income |
4,875,630 |
4,609,616 |
9,870,996 |
|
Adjustment |
4,211,230 |
4,560,128 |
-552,215 |
|
Changes in Asset/
& Liability |
-8,557,862 |
-2,482,969 |
-8,487,190 |
|
Interests Received |
348,827 |
392,794 |
636,349 |
|
Interests Paid |
-72,550 |
-156,230 |
-438,914 |
|
Income Taxes |
|
-977,396 |
-842,896 |
|
Cash Flows from Investing |
1,855,896 |
-8,142,317 |
8,163,102 |
|
Cash Inflow from
Investing |
17,464,985 |
18,395,790 |
23,328,972 |
|
Cash Outflows for
Investing |
-15,609,089 |
-26,538,107 |
-15,165,870 |
|
Cash Flows from Financing |
-2,502,140 |
-502,140 |
-6,363,820 |
|
Cash Inflows from
Financing |
|
|
4,668,320 |
|
Cash Outflows from
Financing |
-2,502,140 |
-502,140 |
-11,032,140 |
|
Increase/Decrease in
Cash |
159,031 |
-2,698,514 |
1,985,412 |
|
Cash at the Beginning
of Year |
5,396,825 |
7,902,564 |
5,751,202 |
|
Cash at the End of
Year |
5,421,172 |
5,396,825 |
7,902,564 |
|
Main Products & Services |
Aerosol Aluminium Cans, Aerosol Valves, Actuators, Cap Button |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
Competitors |
DAERYUK CAN CO., LTD.(110111-0073877) ONE JUNG CAN MANUFACTURING CO.,
LTD.(110111-0139207) |
|
Affiliates |
TAEYANG CORPORATION(161511-0006118) SEAN IND.CO., LTD.(120111-0020149) SAMWON INDUSTRIES CO., LTD.(KOREA) SUN & LIVING YUTONG CO., LTD.(110111-3859745) SUN AMERICA, INC.(USA) QINGDAO SEAN PACKING MATERIALS CO., LTD.(CHINA) |
|
Sales/ Unit :Mil KRW |
2011 |
2010 |
2009 |
|
Export |
|
|
|
|
Domestic |
|
|
|
|
Total |
|
|
|
The Subject deals with the companies in New
Zealand, Taiwan, Libya, Malaysia, Bangladesh, Singapore, Egypt, Japan, China,
Kuwait and Hong Kong.
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
|
UK Pound |
1 |
Rs.88.05 |
|
Euro |
1 |
Rs.72.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.