|
Report Date : |
16.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
E-MART CO., LTD. |
|
|
|
|
Registered Office : |
333-16, Seongsu 2-ga 1-dong, Seongdong-gu, Seoul, Korea, Zip Code 133-827 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
01.05.2011 |
|
|
|
|
Com. Reg. No.: |
206-86-50913 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Retail Sale in other non-specialized large stores |
|
|
|
|
No. of Employees : |
16186 |
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 : |
Exists |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
|
Company
Name |
E-MART CO., LTD. (Korean Company Name : “(주)이마트”) |
|
Registered Address |
333-16, Seongsu 2-ga 1-dong, Seongdong-gu, Seoul, Korea |
|
Zip Code |
133-827 |
|
Tel |
+82-2-380-9243 |
|
Fax |
+82-2-380-9339 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
333-16, Seongsu 2-ga 1-dong, Seongdong-gu, Seoul, Korea |
|
Tel |
+82-2-380-9238 |
|
Fax |
+82-2-380-9339 |
|
Type |
Export/Import |
|
Industry |
Retail
Sale in Other Non-Specialized Large Stores |
|
Main Business |
Retail
Sales Large Stores |
|
Established (mm/dd/yyyy) |
05/01/2011 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Distribution(80141700) |
|
Sell |
World wide web WWW site operation host
services(81112105) |
|
Name |
Hur
In-Cheol |
|
Date of Birth |
03/26/1960 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
139,379,095,000 |
||||||||||||||||||||||||
|
Employees |
16,186 |
||||||||||||||||||||||||
|
Formation |
Listed Company (Korea stock Exchange : 139480) as of 06/10/2011 A Company of SHINSEGAE GROUP |
||||||||||||||||||||||||
|
Bank Details |
Woori Bank |
||||||||||||||||||||||||
|
Corporate Registered No. |
110111-4594952 |
||||||||||||||||||||||||
|
Business Registered No. |
206-86-50913 |
||||||||||||||||||||||||
|
Permit & Licenses |
Int’l
Trade No.: 30693692 |
||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||
|
Company History |
05/01/2011 Incorporated after spin off from
SHINSEGAE CO., LTD.(110111-0028848) |
||||||||||||||||||||||||
|
|
|
|
Job
Description |
Title |
Name |
Nationality |
Date of
Birth |
Education |
|
President & CEO |
Mr. |
Hur
In-Cheol |
Korean |
1960.03.26 |
Yonsei
University, Korea |
|
Director |
Mr. |
Kim Hae-Sung |
Korean |
1958.12 |
Sungkyunkan University, Korea |
|
Director |
Mr. |
Park Ju-Hyung |
Korean |
1959.12 |
Dongkuk University, Korea |
|
Outside Director |
Mr. |
Jeon
Hyung-Soo |
Korean |
1953.04.27 |
Yonsei
University, Korea |
|
Outside Director |
Mr. |
Moon
Chang-Jin |
Korean |
1953.03.02 |
Seoul
National University, korea |
|
Outside Director |
Mr. |
Park
Young-Ryeol |
Korean |
1956.11.06 |
Seoul
National University, korea |
|
Outside Director |
Mr. |
Park
Jong-Ku |
Korean |
1952.05.10 |
- |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
2,690,020,424,142 |
11,607,323,507,382 |
130,458,419,356 |
|
|
2012 |
10,939,021,197,282 |
11,343,053,804,455 |
306,668,576,217 |
|
2011 |
7,220,977,362,236 |
10,621,015,792,034 |
247,595,480,264 |
|
Authorized Capital(KRW) |
400,000,000,000 |
|
Paid-Up Capital(KRW) |
139,379,095,000 |
|
Total Issued Shares |
27,875,819 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
11,607,323,507,382 |
11,343,053,804,455 |
10,621,015,792,034 |
|
Current Assets |
966,149,902,901 |
876,406,936,315 |
798,273,669,693 |
|
Cash & Cash
Equivalents |
20,080,987,631 |
15,441,276,856 |
23,402,140,451 |
|
Trade Receivables
& Other Receivables |
252,812,954,801 |
246,425,034,508 |
214,992,591,007 |
|
Inventories |
577,747,574,305 |
530,007,804,598 |
479,217,927,560 |
|
Current Financial
Instruments |
58,000,000,000 |
58,000,000,000 |
39,800,000,000 |
|
Other Current Assets |
57,508,386,164 |
26,532,820,353 |
40,861,010,675 |
|
Non-Current Assets |
10,641,173,604,481 |
10,466,646,868,140 |
9,822,742,122,341 |
|
Tangibles |
7,521,127,173,677 |
7,508,479,477,921 |
7,066,968,733,300 |
|
Investment_Real
Estates |
175,170,202,385 |
176,260,272,234 |
188,719,777,230 |
|
Intangibles |
32,565,882,406 |
34,207,973,448 |
31,029,629,407 |
|
Investment_Related
Companies |
752,592,953,286 |
739,871,837,300 |
711,196,747,235 |
|
Marketable Financial
Instruments |
1,566,218,704,019 |
1,415,639,500,619 |
1,214,910,175,886 |
|
Long-Term Derivatives |
3,968,514,577 |
|
24,518,101,774 |
|
Long-Term Current
Financial Instruments |
333,783,486,775 |
333,590,485,428 |
331,097,810,055 |
|
Other Non-Current
Assets |
255,746,687,356 |
258,597,321,190 |
254,301,147,454 |
|
Total Liabilities |
5,469,442,767,729 |
5,407,563,415,327 |
5,115,005,687,516 |
|
Current Liabilities |
3,197,819,051,242 |
2,901,631,733,795 |
2,698,775,855,039 |
|
Trade Payables &
Other Payables |
1,220,710,602,548 |
958,099,119,911 |
982,827,924,346 |
|
Short-Term Borrowings |
1,254,065,142,218 |
1,240,884,848,090 |
1,112,682,876,858 |
|
Short-Term
Derivatives |
10,618,115,339 |
35,400,607,693 |
9,482,119,467 |
|
Merchandise Coupon |
358,315,143,000 |
319,985,405,000 |
280,776,324,000 |
|
Accrued Income Tax |
115,562,771,010 |
79,730,481,640 |
104,815,923,266 |
|
Other Current
Financial Debts |
172,898,166,865 |
207,914,059,936 |
193,435,059,071 |
|
Other Current
Liabilities |
65,649,110,262 |
59,617,211,525 |
14,755,628,031 |
|
Non-Current
Liabilities |
2,271,623,716,487 |
2,505,931,681,532 |
2,416,229,832,477 |
|
Long-Term Borrowings |
1,515,250,327,353 |
1,768,697,067,769 |
1,753,128,055,009 |
|
Long-Term Derivatives |
|
30,120,713,674 |
7,298,976,572 |
|
Provision for
Severance & Retirement |
82,845,548,142 |
70,382,976,618 |
67,751,902,484 |
|
Deferred Income Tax
Credit |
492,342,940,799 |
453,952,823,705 |
402,380,524,919 |
|
Long-Term Finance
Debts |
134,306,313,229 |
134,400,576,709 |
131,780,508,199 |
|
Other Non-Current
Liabilities |
46,878,586,964 |
48,377,523,057 |
53,889,865,294 |
|
Capital Stock |
139,379,095,000 |
139,379,095,000 |
139,379,095,000 |
|
Capital Surplus |
4,193,533,807,329 |
4,193,533,807,329 |
4,193,533,807,329 |
|
Profit Surplus |
590,115,443,057 |
501,459,902,929 |
238,275,808,021 |
|
Others |
1,214,852,394,267 |
1,101,117,583,870 |
934,821,394,168 |
|
Total Equity |
6,137,880,739,653 |
5,935,490,389,128 |
5,506,010,104,518 |
|
Liab. &
Shareholder’s Equity |
11,607,323,507,382 |
11,343,053,804,455 |
10,621,015,792,034 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
2,690,020,424,142 |
10,939,021,197,282 |
7,220,977,362,236 |
|
Cost of Sold Goods |
1,903,754,670,335 |
7,782,434,274,923 |
5,153,351,289,253 |
|
Gross Profit |
786,265,753,807 |
3,156,586,922,359 |
2,067,626,072,983 |
|
Selling & Admin.
Expenses |
597,232,352,560 |
2,381,524,589,884 |
1,474,492,880,631 |
|
Operating Income |
189,033,401,247 |
775,062,332,475 |
593,133,192,352 |
|
Other Operating
Income |
3,521,790,217 |
14,930,833,009 |
11,663,995,138 |
|
Other Operating Expenses |
2,764,398,477 |
23,040,656,888 |
9,455,601,035 |
|
Finance Income |
54,851,003,355 |
162,870,181,803 |
149,955,024,940 |
|
Finance Expenses |
76,269,911,589 |
245,338,581,926 |
199,875,404,784 |
|
Other Profits |
|
219,296,769,312 |
182,568,314,551 |
|
Income Before Taxes |
168,371,884,753 |
465,187,339,161 |
362,852,892,060 |
|
Income Taxes Expenses |
37,913,465,397 |
158,518,762,944 |
115,257,411,796 |
|
Net Income |
130,458,419,356 |
306,668,576,217 |
247,595,480,264 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Operating Activities Cash Flows |
406,870,821,873 |
727,972,387,518 |
630,346,006,526 |
|
Cash Flows from
Operating |
430,033,660,425 |
983,957,799,105 |
684,455,089,365 |
|
Interests Paid |
-23,762,865,660 |
-111,114,834,210 |
-84,211,073,019 |
|
Interests Received |
101,090,058 |
1,679,223,990 |
609,992,554 |
|
Dividends Received |
499,000,000 |
31,363,297,750 |
29,525,334,000 |
|
Income Taxes |
-62,950 |
-177,913,099,117 |
-33,336,374 |
|
Cash Flows from
Investing |
-104,906,601,868 |
-932,691,783,176 |
-622,453,617,524 |
|
Cash Flows from
Financing |
-297,324,509,230 |
196,758,532,063 |
-3,132,654,723 |
|
Increase/Decrease in
Cash |
4,639,710,775 |
-7,960,863,595 |
4,759,734,279 |
|
Cash at the Beginning
of Year |
15,441,276,856 |
23,402,140,451 |
18,642,406,172 |
|
Cash at the End of
Year |
20,080,987,631 |
15,441,276,856 |
23,402,140,451 |
|
Main Products & Services |
Distribution Services, Retail Store
Services (*)The Subject operates 136 domestic marts. |
|
Competitors |
HOMEPLUS TESCO CO., LTD. 592, TANBANG-DONG, SEO-GU, DAEJEON, KOREA TEL:+82-42-488-8351~6 FAX:+82-42-488-8360 COSTCO WHOLESALE KOREA, INC. COSTCO KOREA BLDG., 65, YANGPYEONGDONG
3-GA, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-2679-1234 FAX:+82-2-2630-2633 E-LAND WORLD CO., LTD. E-LAND BLDG., 19-8, CHANGJEON-DONG,
MAPO-GU, SEOUL, KOREA TEL:+82-2-323-0456 FAX:+82-2-332-6445 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
SHINSEGAE CO., LTD.(110111-0028848) 52-5, CHUNGMURO 1-GA, JUNG-GU, SEOUL, KOREA TEL:+82-2-727-1234 FAX:+82-2-727-1180 THE CHOSUN HOTEL CO., LTD. (98.0% held by the subject company) 87 SOGONG-DONG, JUNG-GU, SEOUL, KOREA HOMEPAGE:WWW.ECHOSUNHOTEL.COM TEL:+82-2-772-0500 FAX:+82-2-753-6370 SHINSEGAE ENGINEERING & CONSTRUCTION
CO., LTD. (32.4% 56-85 JANGCHUNG-DONG1-GA,JUNG-GU,SEOUL,
KOREA HOMEPAGE:WWW.SHINSEGAE-CON.CO.KR TEL:+82-2-3406-6620 FAX:+82-2-3406-6666 SHINSEGAE INTERNATIONAL CO., LTD. 79-17, CHEONG-DAM DONG, KANG-NAM GU, SEOUL,
KOREA HOMEPAGE:WWW.SIKOREA.CO.KR TEL:+82-2-3440-1234 FAX:+82-2-3440-1011 SHINSEGAE FOOD CO., LTD. (52.1% held by the subject company) SHINSEGAE DIGITAL CENTER 6F 197-12
GURO-DONG, GURO-GU, SEOUL, KOREA HOMEPAGE:WWW.SFS.CO.KR TEL:+82-2-3397-6000 FAX:+82-2-3397-6199 SHINSEGAE I&C CO., LTD. (29.0% held by the subject company) SHINSEGAE DIGITAL CENTER 197-12 GURO-DONG,
GURO-GU, SEOUL, KOREA HOMEPAGE:WWW.SINC.CO.KR TEL:+82-2-3397-1234 FAX:+82-2-3397-1111 STARBUCKS COFFEE KOREA CO., LTD. (50.0% held by the subject company) 87-10 SOGONG-DONG, JUNG-GU, SEOUL, KOREA HOMEPAGE:WWW.ISTARBUCKS.CO.KR TEL:+ 82-2-3015-1700 FAX:+ 82-2-3015-1106 SHINSEGAE L&B CO., LTD.(110111-4015338) (100.0%
held by the subject company) |
|
Subsidiary |
SHANGHAI E-MART CO., LTD.(CHINA) (98.9% held by the subject company) TIANJIN E-MART CO., LTD.(CHINA) (83.0% held by the subject company) SHANGHAI SHINSEGAE DEPARTMENT STORE CO.,
LTD.(CHINA) (100.0% held by the subject company) MUSUCK E-MART CO., LTD.(CHINA) (100.0% held by the subject company) BEIJING E-MART CO., LTD.(CHINA) (100.0% held by the subject company) KONSAN E-MART CO., LTD.(CHINA) (100.0% held by the subject company) YOUNGPA EMART CO., LTD.(CHINA) (100.0% held by the subject company) HANGZHOU E-MART CO., LTD.(CHINA) (100.0% held by the subject company) SANGJU SHINSEGAE E-MART CO., LTD.(CHINA) (100.0% held by the subject company) TAEJU SHINSEGAE COMMERCIAL CO., LTD.(CHINA) (100.0%
held by the subject company) |
(Activity & Markets)
|
Sales/ Unit
:Mil KRW |
03/2012 |
2011 |
2010 |
|
Export |
35 |
468 |
|
|
Domestic |
2,849,870 |
7,200,325 |
|
|
Total |
2,849,905 |
7,200,793 |
|
The Subject deals
with the companies in China.
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount
(Million KRW) |
Status |
|
|
Supreme
Court of Korea |
TAEKWANG
INDUSTRIAL CO., LTD.(110111-0185276) |
The
Subject Company |
|
123 |
3rd
round is proceeding |
|
|
Supreme
Court of Korea |
The
Subject Company |
Mayor
of Sunchon City |
|
20 |
3rd
round is proceeding |
|
|
Sungnam
District Court |
Jang
Soon-Duck |
The
Subject Company |
Claim
for Compensation form Damages |
257 |
1st
round is proceeding |
|
|
|
Lee
Seok-Hyun |
The
Subject Company & Others(1) |
Claim
for Compensation form Damages |
1,145 |
2nd
round is proceeding |
|
|
Seoul
District Court |
Chae
Soo-Im & Others(1) |
The
Subject Company |
Claim
for Compensation form Damages |
36 |
|
|
|
Seoul
High Court |
Dongwon
D&C Co., Ltd. |
The
Subject Company |
Receivables |
14,600 |
2nd
round is proceeding |
|
|
Seoul
Administrative Court |
The
Subject Company |
Sung
Doo-Hyung & Others(1) |
Claim
for Compensation form Damages |
20 |
2nd
round is proceeding |
|
|
Seoul
High Court |
The
Subject Company |
Songpa-Gu
Office |
Cancellation
on Imposed taxes |
3,325 |
2nd
round is proceeding |
|
|
Seoul
District Court |
Kim
Min-Soo |
The
Subject Company |
Compensation |
59 |
1st
round is proceeding |
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.05 |
|
UK Pound |
1 |
Rs.90.71 |
|
Euro |
1 |
Rs.78.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.