|
Report Date : |
03.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SNNC CO., LTD. |
|
|
|
|
Registered Office : |
878, Geumho-dong, Gwangyang-Si, Jeollanam-Do, Korea 545-090 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
18.05.2006 |
|
|
|
|
Com. Reg. No.: |
416-81-52508 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Ferro-Alloys |
|
|
|
|
No. of Employees : |
242 |
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 |
|
Company Name |
SNNC CO., LTD. (Korean Company
Name : “(주)에스엔엔씨”) |
|
Registered Address |
878, Geumho-dong, Gwangyang-si,
Jeollanam-do, Korea |
|
Zip Code |
545-090 |
|
Tel |
+82-61-797-9114 |
|
Fax |
+82-61-797-9191 |
|
E-mail |
parkhd@snnc.co.kr |
|
Website |
www.snnc.co.kr |
|
Trading Address |
878, Geumho-dong, Gwangyang-si,
Jeollanam-do, Korea (New Address System : 2148-139,
Jecheol-ro, Gwangyang-si, Jeollanam-do, Korea) |
|
Tel |
+82-61-797-9114 |
|
Fax |
+82-61-797-9191 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Ferro-Alloys |
|
Main Business |
Ferronickel |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
05/18/2006 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Ferronickel |
|
Name |
Kim Hak-Dong |
|
Address |
Suite 6-101, 302, Geumho-ro, Gwangyang-si,
Jeollanam-do, Korea |
|
Date of Birth |
05/27/1959 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
185,000,000,000 |
||||||||||||
|
Employees |
242 |
||||||||||||
|
Formation |
Co., Ltd by Shares Foreign Direct Investment Corporation A Company of POSCO Group |
||||||||||||
|
Bank Details |
Woori Bank Korea Development Bank |
||||||||||||
|
Corporate Registered No. |
204611-0023415 |
||||||||||||
|
Business Registered No. |
416-81-52508 |
||||||||||||
|
Permit & Licenses |
N/A |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
05/18/2006 Incorporated as the present name 06/28/2006 Registered as a Foreign Direct
Investment Corporation 09/04/2006 Increased the authorized shares to 42,000,000 KRW from
2,400,000 KRW 11/15/2007 Increased capital to 185,000,000,000 KRW from 120,000,000,000
KRW 08/01/2008 Moved to the present HQ address from 700, Geumho-dong,
Gwangyang-si, Jeollanam-do, Korea |
||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Kim Hak-Dong |
Male |
Korean |
03/25/2013 |
|
Director |
Mr. |
Kim Ki-Bong |
Male |
Korean |
03/02/2009 |
|
Director |
Mr. |
Choi Tae-Ho |
Male |
Korean |
03/19/2012 |
|
Director |
Mr. |
Andrei Danvengha |
Male |
French |
02/26/2008 |
|
Director |
Mr. |
Marcel Thomas |
Male |
French |
02/26/2008 |
|
Director |
Mr. |
Dominic Nazzi |
Male |
French |
03/02/2010 |
|
Auditor |
Mr. |
Philip Feriviore |
Male |
French |
09/04/2006 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
379,229,976,937 |
577,273,347,234 |
16,959,083,765 |
|
|
(*)2011 |
447,148,450,067 |
610,058,831,057 |
81,246,054,902 |
|
(*)2010 |
519,870,543,796 |
648,530,168,350 |
149,376,555,802 |
|
2009 |
368,348,636,617 |
505,055,034,008 |
85,685,888,345 |
|
2008 |
34,358,401,715 |
409,132,368,994 |
-47,958,883,951 |
|
2007 |
- |
193,366,805,371 |
-)1,850,125,102 |
|
2006 |
- |
38,583,523,183 |
-513,355,456 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
210,000,000,000 |
|
Paid-Up Capital(KRW) |
185,000,000,000 |
|
Total Issues Shares |
37,000,000 |
Balance Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
577,273,347,234 |
610,058,831,057 |
648,530,168,350 |
|
Current Assets |
302,310,778,591 |
348,116,165,655 |
350,991,198,050 |
|
Cash & Cash
Equivalents |
62,870,697,021 |
30,526,958,539 |
45,366,469,979 |
|
Trade Receivables |
37,188,384,633 |
23,180,292,478 |
58,205,066,660 |
|
Other Finance Assets |
142,908,709,371 |
250,164,238,850 |
181,789,431,673 |
|
Other Current Assets |
967,388,439 |
1,554,116,206 |
685,140,010 |
|
Inventories |
58,375,599,127 |
42,690,559,582 |
64,945,089,728 |
|
Non-Current Assets |
274,962,568,643 |
261,942,665,402 |
297,538,970,300 |
|
Tangibles |
270,195,290,685 |
259,616,376,070 |
294,884,334,401 |
|
Intangibles |
1,496,266,055 |
2,274,453,313 |
2,600,197,896 |
|
Deferred Income Tax
Credit |
647,357,055 |
- |
- |
|
Marketable Financial
Instruments |
2,000,000 |
2,000,000 |
2,000,000 |
|
Other Non-Current
Assets |
52,702,035 |
47,836,019 |
52,438,003 |
|
Non-Current Finance
Assets |
2,568,952,813 |
2,000,000 |
|
|
Total
Liabilities |
261,780,528,344 |
269,318,376,103 |
305,485,294,087 |
|
Current Liabilities |
109,989,137,421 |
87,518,523,629 |
92,503,289,752 |
|
Trade Payables |
32,600,921,549 |
32,140,321,102 |
40,471,872,948 |
|
Other Current
Financial Debts |
42,378,913,066 |
12,339,020,594 |
14,318,837,911 |
|
Other Current
Liabilities |
87,888,762 |
100,769,431 |
144,606,033 |
|
Short-Term Borrowings |
30,000,000,000 |
30,000,000,000 |
30,000,000,000 |
|
Deferred Income Tax
Credit |
2,844,320,432 |
10,764,507,244 |
6,161,849,683 |
|
Current Portion of
Provisions |
2,077,093,612 |
2,173,905,258 |
1,406,123,177 |
|
Non-Current Liabilities |
151,791,390,923 |
181,799,852,474 |
212,982,004,335 |
|
Long-Term Borrowings |
150,000,000,000 |
180,000,000,000 |
210,000,000,000 |
|
Other Non-Current
Financial Debts |
286,918,200 |
- |
- |
|
Deferred Income Tax
Credit |
- |
326,645,111 |
175,766,025 |
|
Provision for
Severance & Retirement |
1,504,472,723 |
1,473,207,363 |
2,806,238,310 |
|
Capital Stock |
185,000,000,000 |
185,000,000,000 |
185,000,000,000 |
|
Profit Surplus |
130,492,818,890 |
155,740,454,954 |
158,044,874,263 |
|
Total Equity |
315,492,818,890 |
340,740,454,954 |
343,044,874,263 |
|
Liab. &
Shareholder’s Equity |
577,273,347,234 |
610,058,831,057 |
648,530,168,350 |
Income Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
379,229,976,937 |
447,148,450,067 |
519,870,543,796 |
|
Cost of Sold Goods |
348,080,459,529 |
345,626,431,785 |
344,997,661,651 |
|
Gross Profit |
31,149,517,408 |
101,522,018,282 |
174,872,882,145 |
|
Logistics |
2,924,792,536 |
2,720,031,601 |
3,656,205,669 |
|
Admin. Expenses |
9,459,876,295 |
11,767,173,741 |
11,026,899,388 |
|
Operating Income |
18,764,848,577 |
87,034,812,940 |
160,494,180,890 |
|
Non-Operating Profits |
383,333,037 |
9,627,096,708 |
|
|
Other Non-Operating Income |
908,682,096 |
12,650,248,908 |
1,025,823,072 |
|
Other Non-Operating Expenses |
525,349,059 |
3,023,152,200 |
721,419,270 |
|
Finance Profits |
1,110,496,595 |
-1,888,448,420 |
-3,427,603,966 |
|
Finance Income |
10,710,378,215 |
13,080,279,855 |
11,863,501,624 |
|
Finance Expenses |
9,599,881,620 |
14,968,728,275 |
15,291,105,590 |
|
Income Before Taxes |
20,258,678,209 |
94,773,461,228 |
157,066,576,924 |
|
Income Taxes Expenses |
3,299,594,444 |
13,527,406,326 |
7,690,021,122 |
|
Net Income |
16,959,083,765 |
81,246,054,902 |
149,376,555,802 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Operating Activities Cash Flows |
25,840,588,309 |
165,015,203,044 |
161,986,210,142 |
|
Cash Flows from Operating |
34,458,947,224 |
176,439,131,104 |
169,303,389,848 |
|
Net Income |
16,959,083,765 |
81,246,054,902 |
149,376,555,802 |
|
Adjustment |
51,496,803,514 |
59,395,159,251 |
53,988,349,269 |
|
Changes in Asset/ & Liability |
-33,996,940,055 |
35,797,916,951 |
-34,061,515,223 |
|
Interests Received |
8,460,672,590 |
7,104,460,133 |
3,663,741,298 |
|
Interests Paid |
-5,859,250,249 |
-9,850,448,275 |
-9,767,299,666 |
|
Income Taxes |
-11,219,781,256 |
-8,677,939,918 |
-1,213,621,338 |
|
Cash Flows from Investing |
77,943,150,173 |
-66,630,730,849 |
-105,942,141,835 |
|
Cash Flows from Financing |
-71,440,000,000 |
-113,250,000,000 |
-25,900,000,000 |
|
Increase/Decrease in Cash |
32,343,738,482 |
-14,865,527,805 |
30,144,068,307 |
|
Cash at the Beginning of Year |
30,526,958,539 |
45,366,469,979 |
15,146,597,067 |
|
Cash at the End of Year |
62,870,697,021 |
30,526,958,539 |
45,366,469,979 |
|
Main Products & Services |
Ferronickel |
|
Suppliers |
NMC(NICKEL MINING COMPANY SAS : NEW CALEDONIA) COAL & ALLIED OPERATIONS PTY LTD.(AUSTRALIA) |
|
Customers |
POSCO(174611-0000741) |
|
Competitors |
RISTEC-BIZ CO., LTD. SAN 32, YOJA-DONG, NAM-GU, POHANG-SI,
GYEONGSANGBUK-DO, KOREA TEL:+82-54-279-6436 FAX:+82-54-279-6440 MECHEM KOREA CO., LTD. 9TH FL., ILJIN BLDG., 50-1, DOHWA-DONG,
MAPO-GU, SEOUL, KOREA TEL:+82-2-323-5193 FAX:+82-2-323-5195 KTC KOREA CO., LTD. 567-49, YEONNAM-DONG, MAPO-GU, SEOUL, KOREA TEL:+82-2-3144-5052 FAX:+82-2-3141-5846 |
|
Affiliates |
POSCO(174611-0000741) POSCO COATED & COLOR STEEL CO.,
LTD.(174611-0006492) POSCO
ENGINEERING & CONSTRUCTION CO., LTD.(174611-0002979) POSDATA CO., LTD.(110111-0658637) POSCO REFRACTORIES & ENVIRONMENT CO.,
LTD.(174611-0001947) SAMJUNG PACKING AND ALUMINUM CO.,
LTD.(174611-0000866) POS-A.C. CO., LTD.(174611-0003448) POSCO ENGINEERING & CONSTRUCTION CO.,
LTD.(174611-0002979) POSCO RESEARCH INSTITUTE(110111-1042350) POSCON(174611-0002242) POSTEEL(110111-0344591) POSCO SPECIALTY STEEL CO., LTD.
(194211-0025248) POSCO MACHINERY CO., LTD.(206411-0010175) POSMEC(POSCO MACHINERY & ENGINEERING
CO., LTD.)(174611-0012176) POSCO TERMINAL CO., LTD.(204611-0017575) POSTECH VENTURE CAPITAL COOPERATION
(174611-0029080) POSMATE CO., LTD.(110111-0739841) POSCO POWER CORPORATION(110111-1829576) PHP CO., LTD.(120111-0421545) POSBRO(110111-3528986) POSCORE CO., LTD.(134811-0003343) RIZTECH BIZ CO., LTD. POSWITH CO., LTD.(171711-0075927) P&R CO., LTD. BASYS INDUSTRY CO. LTD.(110111-0954647) SUWON GREEN ENVIRONMENT
CORPORATION(134811-0133794) UI TRANS CO., LTD.(110111-3792309) DAKOS(131110-0246297) MAPO HIBROAD PARKING CO.,
LTD.(110111-4250140) PURE GIMPO CO., LTD.(110111-4290394) PLANT EST CO., LTD.(171711-0087592) UNIVERSAL STUDIOS RESORT DEVELOPMENT
CORPORATION(134811-0167222) METAPOLIS CO., LTD.(134811-0094475) SEOUNG GWANG CO., LTD.(120111-0222844) CHEONGNA IBT CO., LTD.(120111-0454520) POHANG FEUL CELL CO., LTD.(171711-0076256) MEGA ASSET CO., LTD.(161511-0097480) DAEWOO ENGINEERING COMPANY CO.,
LTD.(110111-0203268) |
|
Corporate Ownership |
SOCIETE MINIERE DU SUD PACIFIQUE(SMSP :
FRANCE) |
|
Major Shareholders |
SOCIETE MINIERE DU SUD PACIFIQUE(SMSP :
FRANCE) POSCO(174611-0000741) |
|
Cooperative Enterprise |
-Insured Company DONGBU INSURANCE CO.,LTD.(10111-0095285) SAMSUNG FIRE & MARINE INSURANCE CO., LTD(110111-0005078) |
The Subject deals
with the companies in Australia and New Caledonia.
No.
----
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.56.49 |
|
UK Pound |
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.73.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.