MIRA INFORM REPORT
|
Report Date : |
20.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUNG LIM CO., LTD. |
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Registered Office : |
297-15, Gongdan 2-dong, Gumi-si, Gyeongsangbuk-do, Korea 730-906 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
19.04.1983 |
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Com. Reg. No.: |
513-81-03759 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Spinning of Man-Made Fibers |
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No. of Employees : |
117 |
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 |
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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 – 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 |
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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 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
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Company Name |
SUNG LIM CO., LTD. |
|
Registered Address |
297-15, Gongdan 2-dong, Gumi-si, Gyeongsangbuk-do, Korea |
|
Zip Code |
730-906 |
|
Tel |
+82-54-463-2183 |
|
Fax |
+82-54-461-9343 |
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E-mail |
sunglimco@kornet.net |
|
Trading Address |
Rm. 911, Daemyeong Bldg., 44-1, Yeouido-dong, Yeongdeungpo-gu, Seoul,
Korea |
|
Tel |
+82-2-783-2725 |
|
Fax |
+82-2-783-2726 |
|
Type |
Export/Import |
|
Industry |
Spinning of Man-Made Fibers |
|
Main Business |
Polyester Chip, Polyester Staple Fiber, Virgin Staple Fiber |
|
Established (mm/dd/yyyy) |
04/19/1983 |
The Subject owns the premises of registered
HQ address(20,541㎡).
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Polyester fibers(11151503) |
|
Sell |
Fibers(11151500) |
|
Name |
Kwon In-Sup |
|
Address |
Suite 102-3203, 36, Yeouido-dong,
Yeongdeungpo-gu, Seoul, Korea |
|
Date of Birth |
08/27/1947 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
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Capital (KRW) |
127,000,000 |
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Employees |
117 |
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Formation |
Co., Ltd by shares |
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Bank Details |
Citibank, Korea Hana Bank-Yeoido Branch Shinhan Bank Industrial Bank of Korea |
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Corporate Registered No. |
124311-0009301 |
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Business Registered No. |
513-81-03759 |
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Permit & Licenses |
Int’l Trade No.: 910987 |
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Shareholder Position |
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Company History |
04/19/1983 Incorporated as the present name 11/2007 Awarded US$ 30 Million Export Top
Prize 06/21/2010 Decreased capital to 127,000,000
KRW from 300,000,000 KRW |
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Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Kwon In-Sup |
Male |
Korean |
10/26/2000 |
|
Director |
M/S. |
Oh Sook-Hee |
Female |
Korean |
10/26/2000 |
|
Director |
Mr. |
Park Tae-Wan |
Male |
Korean |
06/21/2003 |
|
Auditor |
Mr. |
Kwon Yook |
Male |
Korean |
03/14/2013 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
72,880,341,070 |
30,106,022,282 |
1,137,549,476 |
|
|
2011 |
69,065,681,492 |
28,706,441,851 |
2,176,049,160 |
|
2010 |
55,531,788,094 |
23,611,135,152 |
1,523,751,257 |
|
2009 |
47,385,469,667 |
22,946,685,225 |
359,780,301 |
|
2008 |
52,945,296,899 |
19,797,621,069 |
1,488,325,441 |
|
2007 |
40,422,202,218 |
16,502,653,722 |
482,755,732 |
|
2006 |
37,785,566,054 |
15,201,129,015 |
455,686,152 |
|
2005 |
34,514,715,064 |
15,230,122,410 |
561,076,870 |
|
2004 |
33,983,252,723 |
15,030,448,865 |
227,909,284 |
|
Authorized Capital(KRW) |
550,000,000 |
|
Paid-Up Capital(KRW) |
127,000,000 |
|
Total Issued Shares |
25,400 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
30,106,022,282 |
28,706,441,851 |
23,611,135,152 |
|
Current Assets |
18,576,086,492 |
17,252,521,406 |
11,455,057,805 |
|
-Quick Assets |
11,707,883,770 |
9,611,568,556 |
7,823,456,671 |
|
-Inventories |
6,868,202,722 |
7,640,952,850 |
3,631,601,134 |
|
Fixed Assets |
11,529,935,790 |
11,453,920,445 |
12,156,077,347 |
|
-Investment |
3,725,460,500 |
3,975,078,209 |
4,256,863,000 |
|
-Tangibles |
7,179,863,046 |
6,892,279,992 |
7,476,048,103 |
|
-Intangibles |
624,612,244 |
586,562,244 |
423,166,244 |
|
Total Liabilities |
18,521,853,989 |
18,569,492,479 |
15,261,446,248 |
|
Current Liabilities |
14,923,328,223 |
14,801,648,443 |
13,707,407,834 |
|
Fixed Liabilities |
3,598,525,766 |
3,767,844,036 |
1,554,038,414 |
|
Capital Stock |
127,000,000 |
127,000,000 |
127,000,000 |
|
Capital Surplus |
|
|
|
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Profit Surplus |
9,822,503,840 |
8,717,809,004 |
9,800,202,444 |
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Capital Adjustment |
1,634,664,453 |
1,292,140,368 |
-1,577,513,540 |
|
Total Equity |
11,584,168,293 |
10,136,949,372 |
8,349,688,904 |
|
Liab. & Shareholder’s Equity |
30,106,022,282 |
28,706,441,851 |
23,611,135,152 |
|
Current Liabilities |
14,923,328,223 |
14,801,648,443 |
13,707,407,834 |
|
Trade Payables |
728,806,859 |
775,171,067 |
642,815,840 |
|
Account Payables |
1,781,845,569 |
1,624,274,387 |
1,456,803,550 |
|
Withholdings |
9,892,850 |
13,265,530 |
6,219,430 |
|
Advance Receipts |
318,411,104 |
567,200,705 |
58,482,515 |
|
Short-Term Borrowings |
11,820,000,000 |
11,064,000,000 |
11,064,000,000 |
|
Accrued Income Tax |
24,042,070 |
517,187,350 |
279,035,290 |
|
Accrued Expenses |
50,329,771 |
50,549,404 |
42,551,209 |
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Current Portion of Long-Term Debts |
190,000,000 |
190,000,000 |
157,500,000 |
|
Fixed Liabilities |
3,598,525,766 |
3,767,844,036 |
1,554,038,414 |
|
Long-Term Borrowings |
475,000,000 |
665,000,000 |
855,000,000 |
|
Debentures |
2,000,000,000 |
2,000,000,000 |
- |
|
Guarantee Deposit Withhold |
14,500,000 |
14,500,000 |
14,500,000 |
|
Leasehold Deposit Received |
12,000,000 |
12,000,000 |
12,000,000 |
|
Provision for Severance & Retirement |
1,246,383,768 |
1,218,005,412 |
807,290,613 |
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Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
72,880,341,070 |
69,065,681,492 |
55,531,788,094 |
|
Cost of Sold Goods |
66,746,577,645 |
61,978,200,987 |
49,564,656,546 |
|
Gross Profit |
6,133,763,425 |
7,087,480,505 |
5,967,131,548 |
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Selling & Admin. Expenses |
4,048,731,420 |
3,686,042,559 |
4,459,068,401 |
|
Operating Income |
2,085,032,005 |
3,401,437,946 |
1,508,063,147 |
|
Non-Operating Income |
486,495,474 |
534,774,027 |
1,358,999,976 |
|
Non-Operating Expenses |
1,169,515,203 |
1,099,300,253 |
963,349,386 |
|
Income Before Taxes |
1,402,012,276 |
2,836,911,720 |
1,903,713,737 |
|
Income Taxes Expenses |
264,462,800 |
660,862,560 |
379,962,480 |
|
Net Income |
1,137,549,476 |
2,176,049,160 |
1,523,751,257 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
2,436,303,513 |
-509,575,190 |
2,306,755,105 |
|
-Net Income |
1,137,549,476 |
2,176,049,160 |
1,523,751,257 |
|
-Exp. without Cash Outflow |
1,062,483,474 |
1,304,248,126 |
904,472,072 |
|
-Revenue without Cash Inflows |
-11,860,934 |
-58,179,814 |
-694,160,728 |
|
-Changes in Asset/ & Liability |
248,131,497 |
-3,931,692,662 |
572,692,504 |
|
Cash Flows from Investing |
-1,116,096,435 |
-4,352,155,020 |
2,292,586,895 |
|
-Cash Inflow from Investing |
4,413,641,552 |
1,180,826,870 |
6,165,741,908 |
|
-Cash Outflows for Investing |
-5,529,737,987 |
-5,532,981,890 |
-3,873,155,013 |
|
Cash Flows from Financing |
566,000,000 |
1,842,500,000 |
-1,592,242,600 |
|
-Cash Inflows from Financing |
7,600,000,000 |
7,650,000,000 |
4,826,000,000 |
|
-Cash Outflows from Financing |
-7,034,000,000 |
-5,807,500,000 |
-6,418,242,600 |
|
Increase/Decrease in Cash |
1,886,207,078 |
-3,019,230,210 |
3,007,099,400 |
|
Cash at the Beginning of Year |
1,552,634,843 |
4,571,865,053 |
1,564,765,653 |
|
Cash at the End of Year |
3,438,841,921 |
1,552,634,843 |
4,571,865,053 |
|
Main Products & Services |
Polyester Chip, Polyester Staple Fiber, Virgin Staple Fiber |
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Detailed Products Spec. |
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Technologies Acquired |
|
|
Suppliers |
HYUNDAI CAPITAL SERVICES, INC.(110111-0995378) provides the vehicles
Leasing Services to the Subject Company. |
|
Customers |
|
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Competitors |
WOONGJIN CHEMICAL CO., LTD.(174811-0000151) HYOSUNG CORPORATION(110111-0030497) TK CHEMICAL CORPORATION(110111-3783457) |
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Affiliates |
|
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
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Joint Venture |
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Subsidiary |
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Corporate Ownership |
|
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Major Shareholders |
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Cooperative Enterprise |
-Insured Company DONGBU INSURANCE CO., LTD.(110111-0095285) |
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Sales/ Unit :Mil KRW |
2012 |
2011 |
2010 |
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Export |
|
|
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Domestic |
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Total |
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|
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The Subject exports 95% to USA and Europe.
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.88 |
|
|
1 |
Rs.83.66 |
|
Euro |
1 |
Rs.70.58 |
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.