|
Report Date : |
18.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHINJIN PRECISION INDUSTRIAL CO., LTD. |
|
|
|
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Registered Office : |
58B-7L, Namdong Industrial Complex 626-6, Gojan-dong, Namdong-gu, Incheon, Korea 405-817 |
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Country : |
South Korea |
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|
|
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Financials (as on) : |
31.12.2011 |
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|
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Date of Incorporation : |
29.12.1987 |
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Com. Reg. No.: |
131-81-13981 |
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|
|
|
Legal Form : |
Co., Ltd by shares |
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|
|
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Line of Business : |
Manufacture of Taps, Valves and Similar Products |
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|
|
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No. of Employees : |
55 |
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 |
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Payment Behaviour : |
No Complaints |
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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 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
SHINJIN
PRECISION INDUSTRIAL CO., LTD. (Korean Company
Name : “신진정공(주)”) |
|
Registered Address |
626-6, Gojan-dong, Namdong-gu, Incheon,
Korea |
|
Building |
58B-7L, Namdong Industrial Complex |
|
Zip Code |
405-817 |
|
Tel |
+82-32-822-2590 |
|
Fax |
+82-32-822-2596 |
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E-mail |
towcos@unitel.co.kr; sjsrs@chol.com |
|
Website |
www.shinjinvalve.co.kr |
|
Trading Address |
58B-7L, Namdong Industrial Complex, 626-6,
Gojan-dong, Namdong-gu, Incheon, Korea |
|
Tel |
+82-32-822-2590 |
|
Fax |
+82-32-822-2596 |
|
Type |
Export |
|
Industry |
Manufacture of Taps, Valves and Similar Products |
|
Main Business |
Butterfly Valves, Air Valves, Water Gate, Gas Turbine |
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Sub
Business |
Heating, Air Conditioning and Plumbing Related Works |
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Established (mm/dd/yyyy) |
12/29/1987 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Hydrants(40141726) |
|
Sell |
Butterfly lug pattern valves(40141619) |
|
Sell |
Hydrological instruments(41114300) |
|
Sell |
Valves(40141600) |
|
Sell |
Tube and tubing(31231300) |
|
Name |
Kim Jae-Ho |
|
Address |
Suite 101-701, Gwangyo-dong,
Nam-gu, Incheon, Korea |
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Date of Birth |
10/20/1942 |
|
Title |
President & CEO |
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Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,100,000,000 |
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Employees |
55 |
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Formation |
Co., Ltd by shares |
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Bank Details |
Industrial Bank of Korea-Incheon Branch |
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Corporate Registered No. |
110111-0555297 |
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Business Registered No. |
131-81-13981 |
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Permit & Licenses |
11/07/1979 KS Mark 10/23/1995 EM Mark 02/03/1999 ISO 9001 02/10/1999 ISO 14001 10/20/1999 GQ Mark 05/25/2000 KS Mark 12/08/2001 KT Mark 02/07/2002 EM Mark 12/09/2004 EM Mark Int’l Trade No.: 14061134 |
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Shareholder Position |
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Company History |
03/31/1967 Established as SHINJIN PRECISION INDUSTRIAL CO. 12/29/1987 Incorporated as the present name 07/06/1998 Designated as a Venture Business 08/18/2000 Designated as a Venture Business
again 09/20/2001 Increased capital to 800,000,000
KRW from 500,000,000 KRW 11/30/2001 Increased the authorized shares
to 0,000,000 shares from 100,000 shares 11/30/2001 Increased capital to
1,100,000,000 KRW from 800,000,000 KRW |
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Kim Jae-Ho |
Male |
Korean |
03/31/1999 |
|
Director |
Mr. |
Lee Dong-Choon |
Male |
Korean |
03/31/1999 |
|
Director |
Mr. |
Kim Eun-Seok |
Male |
Korean |
03/31/1999 |
|
Auditor |
M/S. |
Kim Soo-Ja |
Female |
Korean |
07/18/2005 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2011 |
8,985,247,186 |
16,607,721,294 |
333,830,653 |
|
2010 |
16,952,307,961 |
16,778,742,883 |
546,540,391 |
|
2009 |
10,985,670,803 |
16,924,940,724 |
415,361,817 |
|
2008 |
8,503,053,017 |
14,517,162,419 |
99,284,288 |
|
2007 |
11,783,678,272 |
8,434,666,522 |
266,539,293 |
|
2006 |
7,985,316,039 |
10,679,560,453 |
145,321,202 |
|
2005 |
9,066,010,404 |
8,087,608,431 |
292,679,792 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
16,607,721,294 |
16,778,742,883 |
16,924,940,724 |
|
Current Assets |
7,460,104,538 |
7,275,891,542 |
7,158,901,691 |
|
-Quick Assets |
5,485,692,106 |
4,969,994,687 |
3,455,893,088 |
|
-Inventories |
1,974,412,432 |
2,305,896,855 |
3,703,008,603 |
|
Fixed Assets |
9,147,616,756 |
9,502,851,341 |
9,766,039,033 |
|
-Investment |
392,774,000 |
386,774,000 |
371,774,000 |
|
-Tangibles |
7,844,078,841 |
8,129,627,750 |
8,398,981,767 |
|
-Intangibles |
689,891,189 |
765,426,865 |
833,712,540 |
|
-Others |
220,872,726 |
221,022,726 |
161,570,726 |
|
Total Liabilities |
4,301,543,418 |
4,806,395,660 |
5,499,133,892 |
|
Current Liabilities |
3,428,050,288 |
3,192,826,740 |
3,533,437,202 |
|
Fixed Liabilities |
873,493,130 |
1,613,568,920 |
1,965,696,690 |
|
Capital Stock |
1,100,000,000 |
1,100,000,000 |
1,100,000,000 |
|
Capital Surplus |
|
|
|
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Profit Surplus |
5,739,923,607 |
5,406,092,954 |
4,859,552,563 |
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Capital Adjustment |
5,466,254,269 |
5,466,254,269 |
5,466,254,269 |
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Total Equity |
12,306,177,876 |
11,972,347,223 |
11,425,806,832 |
|
Liab. & Shareholder’s Equity |
16,607,721,294 |
16,778,742,883 |
16,924,940,724 |
|
Current Liabilities |
3,428,050,288 |
3,192,826,740 |
3,533,437,202 |
|
Trade Payables |
1,262,643,957 |
1,006,315,470 |
1,909,362,342 |
|
Account Payables |
268,767,491 |
295,398,363 |
354,223,698 |
|
Withholdings |
24,331,185 |
25,186,690 |
21,379,020 |
|
VAT Withhold |
159,081,376 |
93,353,517 |
2,300,179 |
|
Advance Receipts |
15,246,110 |
13,430,530 |
30,670,505 |
|
Short-Term Borrowings |
927,392,000 |
550,458,000 |
1,141,928,176 |
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Accrued Income Tax |
3,928,169 |
92,024,170 |
73,573,282 |
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Current Portion of Long-Term Debts |
766,660,000 |
1,116,660,000 |
- |
|
Fixed Liabilities |
873,493,130 |
1,613,568,920 |
1,965,696,690 |
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Long-Term Borrowings |
383,330,000 |
1,149,990,000 |
1,600,000,000 |
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Leasehold Deposit Received |
25,000,000 |
25,000,000 |
25,000,000 |
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Provision for Severance & Retirement |
505,163,130 |
478,578,920 |
340,696,690 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
8,985,247,186 |
16,952,307,961 |
10,985,670,803 |
|
Cost of Sold Goods |
6,396,485,493 |
13,904,215,646 |
8,484,738,350 |
|
Gross Profit |
2,588,761,693 |
3,048,092,315 |
2,500,932,453 |
|
Selling & Admin. Expenses |
2,196,623,180 |
2,287,210,234 |
2,023,006,083 |
|
Operating Income |
392,138,513 |
760,882,081 |
477,926,370 |
|
Non-Operating Income |
167,847,874 |
279,013,572 |
107,414,669 |
|
Non-Operating Expenses |
182,945,870 |
365,016,012 |
87,338,510 |
|
Income Before Taxes |
377,040,517 |
674,879,641 |
498,002,529 |
|
Income Taxes Expenses |
43,209,864 |
128,339,250 |
82,640,712 |
|
Net Income |
333,830,653 |
546,540,391 |
415,361,817 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows
from Operating |
1,452,382,424 |
1,555,289,265 |
-1,222,397,462 |
|
-Net Income |
333,830,653 |
546,540,391 |
415,361,817 |
|
-Exp.
without Cash Outflow |
605,580,805 |
809,521,003 |
893,555,400 |
|
-Revenue
without Cash Inflows |
-28,272,427 |
-58,209,440 |
-40,609,260 |
|
-Changes in
Asset/ & Liability |
541,243,393 |
257,437,311 |
-2,490,705,419 |
|
Cash Flows
from Investing |
-108,882,226 |
-334,178,098 |
-964,321,761 |
|
-Cash Inflow
from Investing |
86,754,144 |
173,079,237 |
213,248,635 |
|
-Cash
Outflows for Investing |
-195,636,370 |
-507,257,335 |
-1,177,570,396 |
|
Cash Flows
from Financing |
-985,058,000 |
79,634,824 |
2,162,699,176 |
|
-Cash
Inflows from Financing |
3,082,393,250 |
809,699,300 |
2,241,928,176 |
|
-Cash
Outflows from Financing |
-4,067,451,250 |
-730,064,476 |
-79,229,000 |
|
Increase/Decrease
in Cash |
358,442,198 |
1,300,745,991 |
-24,020,047 |
|
Cash at the
Beginning of Year |
1,483,582,684 |
182,836,693 |
206,856,740 |
|
Cash at the
End of Year |
1,842,024,882 |
1,483,582,684 |
182,836,693 |
|
Main Products & Services |
Soft Seal Sluice Valve - Double
Seared Soft Seal - Multi
Purpose Sluice Valve Set - Soft Seal
Sluice Valve Contained Air Relief Valve Set - Soft(Resillient)Sluice
Valve With Indicator Dial Set Butterfly Valve -Onebody Casted Metal Seated Butterfly
Valve -Flow Control Metal Seated Butterfly Valve -Butterfly Valve For Seawater, Fresh,
Sewerage Service -Double Disc Seated Butterfly Valve |
|
Competitors |
KEFICO CORPORATION 410, DANGJEONG-DONG, GUNPO-SI, GYEONGGI-DO,
KOREA TEL:+82-31-450-9015 FAX:+82-31-450-9022 DAEWON KANG UP CO., LTD. 6-15, NAMDAEMUNNO 5-GA, JUNG-GU, SEOUL,
KOREA TEL:+82-2-3455-7300 FAX:+82-2-3455-7345 SEWON CELLONTECH CO., LTD. 11TH FL., GOOD MORNING SHINHAN SECURITIES
BLDG., 23-2, YEOEUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-2167-9000 FAX:+82-2-2167-9157 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Cooperative Enterprise |
-Insured company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) |
(Activity &
Markets)
Not Available.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
|
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
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.