|
Report Date : |
25.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHILLA CORPORATION |
|
|
|
|
Registered Office : |
163, Sinpung-ri, Susin-myeon, Dongnam-gu,
Cheonan-si, Chungcheongnam-do, Korea 330-882 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
19.02.1986 |
|
|
|
|
Com. Reg. No.: |
124-81-37613 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Other Parts and Accessories for Motor Vehicles n. e. c. |
|
|
|
|
No. of Employees : |
280 |
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 – 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 |
Basic
|
Company Name |
SHILLA CORPORATION |
|
Registered Address |
163, Sinpung-ri, Susin-myeon, Dongnam-gu,
Cheonan-si, Chungcheongnam-do, Korea |
|
Zip Code |
330-882 |
|
Tel |
+82-41-552-9800 |
|
Fax |
+82-41-552-5468 |
|
E-mail |
webmaster@shillaprecision.com |
|
Website |
www.shillacorp.co.kr;www.shillaprecision.com |
|
Trading Address |
163, Sinpung-ri, Susin-myeon, Dongnam-gu,
Cheonan-si, Chungcheongnam-do, Korea (New Address System : 186, 5sandan-ro, Susin-myeon, Dongnam-gu,
Cheonan-si, Chungcheongnam-do, Korea) |
|
Tel |
+82-41-552-9800 |
|
Fax |
+82-41-552-5468 |
|
Other Address-2nd Factory |
811-4, Jangsan-ri, Susin-myeon, Dongnam-gu, Cheonan-si, Chungcheongnam-do,
Korea |
|
Tel |
+82-41-552-9801 |
|
Fax |
+82-41-552-9802 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Other Parts and Accessories for Motor Vehicles n. e. c. |
|
Main Business |
Idle Pulley, Comp Bracket Assy, Slewing
Ring Bearing, Elevator Door Operating Pulley |
|
Established (mm/dd/yyyy) |
02/19/1986 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Bearings(31171500) |
|
Sell |
Engine pulleys(26101721) |
|
Sell |
Transmission pulleys(26111806) |
|
Buy |
Ball bearings(31171504) |
|
Buy |
Steel plate(30102204) |
|
Name |
Choi Ke-Youl |
|
Address |
Suite B-2702, 15, Seochojungang-ro,
Seocho-gu, Seoul, Korea |
|
Date of Birth |
02/20/2001 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
2,025,000,000 |
|||||||||||||||||||||
|
Employees |
280 |
|||||||||||||||||||||
|
Formation |
Co., Ltd by shares |
|||||||||||||||||||||
|
Bank Details |
Woori Bank-Suwon Branch Industrial Bank of Korea Citibank, Korea Woori Bank |
|||||||||||||||||||||
|
Corporate Registered No. |
110111-0418239 |
|||||||||||||||||||||
|
Business Registered No. |
124-81-37613 |
|||||||||||||||||||||
|
Permit & Licenses |
12/1997 ISO 9002 02/2001 QS 9000 07/2004 ISO 9001/TS 16949 Int’l Trade No.: 338703 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
02/19/1986 Incorporated as the present name 11/2004 Awarded US$5 Million Export Top
Prize 06/2007 Designated as a Venture Business 04/25/2008 Increased the authorized shares
to 2,000,000 shares from 160,000 shares 04/25/2008 Increased capital to 900,000,000
KRW from 600,000,000 KRW 12/2008 Awarded US$20 Million Export Top
Prize 04/13/2009 Increased capital to
1,350,000,000 KRW from 900,000,000 KRW 12/2009 Awarded US$50 Million Export Top
Prize 04/01/2010 Increased capital to 2,025,000,000
KRW from 1,350,000,000 KRW |
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Choi Ke-Youl |
Male |
Korean |
02/20/2001 |
|
Co-President & CEO |
Mr. |
Kim Kwang-Sik |
Male |
Korean |
04/13/2009 |
|
Director |
Mr. |
Hong Ki-Yeol |
Male |
Korean |
03/26/2007 |
|
Director |
Mr. |
Lim Seung-Bae |
Male |
Korean |
03/27/2013 |
|
Auditor |
Mr. |
Choi Don-Yoo |
Male |
Korean |
11/08/2004 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
87,708,087,483 |
83,504,862,113 |
7,906,493,058 |
|
|
2011 |
101,150,094,759 |
90,824,084,670 |
14,882,684,798 |
|
2010 |
85,740,877,486 |
82,296,629,278 |
16,934,455,418 |
|
2009 |
86,211,772,042 |
61,721,793,159 |
20,793,281,096 |
|
2008 |
66,940,740,501 |
54,653,035,742 |
7,822,020,457 |
|
2007 |
35,980,251,079 |
25,459,705,362 |
3,222,190,786 |
|
2006 |
21,846,097,787 |
15,351,861,200 |
856,382,388 |
|
2005 |
19,688,418,867 |
14,926,128,452 |
1,065,741,201 |
|
2004 |
17,860,327,598 |
12,842,995,594 |
960,233,377 |
|
Authorized Capital(KRW) |
10,000,000,000 |
|
Paid-Up Capital(KRW) |
2,025,000,000 |
|
Total Issued Shares |
405,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
83,504,862,113 |
90,824,084,670 |
82,296,629,278 |
|
Current Assets |
33,879,452,367 |
36,268,353,602 |
37,756,905,687 |
|
-Quick Assets |
26,525,965,582 |
25,238,259,340 |
32,180,192,614 |
|
-Inventories |
7,353,486,785 |
11,030,094,262 |
5,576,713,073 |
|
Fixed Assets |
49,625,409,746 |
54,555,731,068 |
44,539,723,591 |
|
-Investment |
9,582,216,695 |
11,441,601,021 |
10,424,995,229 |
|
-Tangibles |
39,720,904,267 |
42,764,933,705 |
33,763,820,365 |
|
-Intangibles |
105,130,984 |
127,275,542 |
104,987,197 |
|
-Others |
217,157,800 |
221,920,800 |
245,920,800 |
|
Total Liabilities |
15,234,724,433 |
28,205,644,399 |
32,311,119,225 |
|
Current Liabilities |
9,502,392,431 |
21,632,091,626 |
24,233,964,260 |
|
Fixed Liabilities |
5,732,332,002 |
6,573,552,773 |
8,077,154,965 |
|
Capital Stock |
2,025,000,000 |
2,025,000,000 |
2,025,000,000 |
|
Capital Surplus |
|
|
- |
|
Profit Surplus |
65,441,459,209 |
59,292,027,821 |
47,174,333,023 |
|
Capital Adjustment |
803,678,471 |
1,301,412,450 |
786,177,030 |
|
Total Equity |
68,270,137,680 |
62,618,440,271 |
49,985,510,053 |
|
Liab. & Shareholder’s Equity |
83,504,862,113 |
90,824,084,670 |
82,296,629,278 |
|
Current Liabilities |
9,502,392,431 |
21,632,091,626 |
24,233,964,260 |
|
Trade Payables |
6,213,587,158 |
10,946,738,957 |
15,408,759,941 |
|
Account Payables |
175,813,426 |
3,690,134,005 |
1,576,019,360 |
|
Advance Receipts |
93,332,448 |
126,804,948 |
271,924,503 |
|
Withholdings |
116,197,630 |
172,816,580 |
90,911,010 |
|
Accrued Expenses |
1,176,441,399 |
1,704,652,862 |
1,174,201,740 |
|
Accrued Income Tax |
446,420,370 |
2,174,263,893 |
2,630,082,498 |
|
Current Portion of Long-Term Debts |
1,280,600,000 |
2,816,680,381 |
3,082,065,208 |
|
Fixed Liabilities |
5,732,332,002 |
6,573,552,773 |
8,077,154,965 |
|
Long-Term Borrowings |
1,561,200,000 |
2,557,840,190 |
5,022,597,816 |
|
Leasehold Deposit Received |
3,000,000 |
3,000,000 |
3,000,000 |
|
Long-Term Account Payables |
208,126,710 |
230,228,240 |
202,121,420 |
|
Deferred Income Tax Credit |
406,094,928 |
949,335,122 |
658,791,402 |
|
Provision for Severance & Retirement |
4,351,671,752 |
3,664,188,108 |
2,996,995,945 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
87,708,087,483 |
101,150,094,759 |
85,740,877,486 |
|
Cost of Sold Goods |
67,944,385,995 |
75,698,931,910 |
58,105,399,055 |
|
Gross Profit |
19,763,701,488 |
25,451,162,849 |
27,635,478,431 |
|
Selling & Admin. Expenses |
9,811,643,323 |
10,261,397,097 |
7,584,790,548 |
|
Operating Income |
9,952,058,165 |
15,189,765,752 |
20,050,687,883 |
|
Non-Operating Income |
2,893,124,104 |
5,613,335,961 |
5,909,538,402 |
|
Non-Operating Expenses |
3,192,753,448 |
1,966,470,193 |
4,678,006,781 |
|
Income Before Taxes |
9,652,428,821 |
18,836,631,520 |
21,282,219,504 |
|
Income Taxes Expenses |
1,745,935,763 |
3,953,946,722 |
4,347,764,086 |
|
Net Income |
7,906,493,058 |
14,882,684,798 |
16,934,455,418 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
16,374,175,241 |
10,904,641,046 |
19,309,365,843 |
|
-Net Income |
7,906,493,058 |
14,882,684,798 |
16,934,455,418 |
|
-Exp. without Cash Outflow |
9,189,134,672 |
6,933,333,511 |
6,235,129,691 |
|
-Revenue without Cash Inflows |
-188,250,188 |
-1,651,413,998 |
-3,559,813,704 |
|
-Changes in Asset/ & Liability |
-533,202,301 |
-9,259,963,265 |
-300,405,562 |
|
Cash Flows from Investing |
-5,420,004,569 |
-12,575,240,262 |
-16,349,122,636 |
|
-Cash Inflow from Investing |
34,747,844,376 |
31,142,747,657 |
73,288,658,735 |
|
-Cash Outflows for Investing |
-40,167,848,945 |
-43,717,987,919 |
-89,637,781,371 |
|
Cash Flows from Financing |
-7,622,595,915 |
-3,447,837,002 |
-3,801,229,172 |
|
-Cash Inflows from Financing |
5,435,665,046 |
12,646,529,336 |
6,546,218,610 |
|
-Cash Outflows from Financing |
-13,058,260,961 |
-16,094,366,338 |
-10,347,447,782 |
|
Increase/Decrease in Cash |
3,331,574,757 |
-5,118,436,218 |
-840,985,965 |
|
Cash at the Beginning of Year |
1,150,294,515 |
6,268,730,733 |
7,109,716,698 |
|
Cash at the End of Year |
4,481,869,272 |
1,150,294,515 |
6,268,730,733 |
|
Main Products & Services |
Slewing Ring Bearings Idle Pulley, Comp Bracket Assy Elevator Door Operating Pulley |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
MANDO CORPORATION(131311-0030042) |
|
Competitors |
DAEHWA PRECISION CO., LTD. 250-5, GUNSEO-RI, JIKSAN-EUP, SEOBUK-GU,
CHEONAN-SI, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-588-5600 FAX:+82-41-588-5603 DONG HWA TECH CO., LTD. 3RA-117, SIHWA INDUSTRIAL COMPLEX, 1271-7,
JEONGWANG 1-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA TEL:+82-31-488-9601~4 FAX:+82-31-488-9605 KYUNGIN GEAR CO. 73B-5L, NAMDONG INDUSTRIAL COMPLEX, 643-4,
GOJAN-DONG, NAMDONG-GU, INCHEON, KOREA TEL:+82-32-710-1234 FAX:+82-32-710-5678 |
|
Affiliates |
|
|
Overseas Office |
CHANGZHOU SHILLA MACHINERY CO., LTD.(CHINA
SHILLA) (100.0% held by the subject company) NO.25 CHUANGYE EAST RD, BAIZHANG INDUSTRY
PARK, NEW NORTH DISTRICT, CHANGZHOU, JIANGSU, CHINA TEL :+86-519-85865-177 FAX :+86-519-85865-277 |
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company DONGBU INSURANCE CO., LTD.(110111-0095285) HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) |
|
Sales/ Unit : KRW |
2012 |
2011 |
2010 |
|
Export |
60,336,539,896 |
70,659,491,231 |
58,657,375,322 |
|
Domestic |
27,371,547,587 |
30,490,603,528 |
27,083,502,164 |
|
Total |
87,708,087,483 |
101,150,094,759 |
85,740,877,486 |
The Subject exports
to USA, UK, France, India and New Zealand.
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.44 |
|
|
1 |
Rs.91.24 |
|
Euro |
1 |
Rs.78.43 |
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.