|
Report Date : |
23.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
SEJIN METAL CO., LTD. |
|
|
|
|
Registered Office : |
891-4, Wonsan-ri, Onsan-eup, Ulju-gun, Ulsan, Korea 689-892 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
19.01.1987 |
|
|
|
|
Com. Reg. No.: |
610-81-04267 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
·
Manufacture of Smelting, Refining and Alloys of
Aluminum ·
Collection and Wholesale of Recycling Materials |
|
|
|
|
No. of Employees : |
150 |
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 : |
Slow but correct |
|
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 |
SEJIN METAL CO., LTD. (Korean Company Name : “(주)세진메탈”) |
|
Registered Address |
891-4, Wonsan-ri, Onsan-eup, Ulju-gun,
Ulsan, Korea |
|
Zip Code |
689-892 |
|
Tel |
+82-52-240-0200 |
|
Fax |
+82-52-238-9698 |
|
E-mail |
jbjshy@yahoo.co.kr |
|
Website |
www.sejinmetal.com |
|
Trading Address |
891-4, Wonsan-ri, Onsan-eup, Ulju-gun,
Ulsan, Korea |
|
Tel |
+82-52-240-0200 |
|
Fax |
+82-52-238-9698 |
|
Other Address-2nd Factory |
335, Hwasan-ri, Onsan-eup, Ulju-gun,
Ulsan, Korea |
|
Tel |
+82-52-237-3488 |
|
Fax |
+82-52-237-3452 |
|
Other Address-3rd Factory |
866, Hwasan-ri, Onsan-eup, Ulju-gun,
Ulsan, Korea |
|
Other Address |
Rm.905, Olympia Bldg., 196, Jamsil-dong,
Songpa-gu, Seoul, Korea |
|
Tel |
+82-2-2226-3162 |
|
Fax |
+82-2 2226-3160 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Smelting, Refining and Alloys of Aluminum |
|
Main Business |
Aluminum Ingots, Aluminum Scrap, Aluminum Steel, Copper |
|
Sub
Business |
Collection and Wholesale of Recycling Materials |
|
Established (mm/dd/yyyy) |
01/19/1987 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Aluminum ingots(30103401) |
|
Buy |
Aluminum(11101705) |
|
Buy |
Metal scrap(11191600) |
|
Buy |
Copper(11101715) |
|
Name |
Jeon Yoon-Seok |
|
Address |
Suite 32-1101, 321, Apgujeong-ro,
Gangnam-gu, Seoul, Korea |
|
Date of Birth |
12/13/1974 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,776,900,000 |
|||||||||||||||
|
Employees |
150 |
|||||||||||||||
|
Formation |
Co., Ltd by Shares |
|||||||||||||||
|
Bank Details |
Busan Bank-Ulsan Branch Gyungnam Bank |
|||||||||||||||
|
Corporate Registered No. |
181211-0007465 |
|||||||||||||||
|
Business Registered No. |
610-81-04267 |
|||||||||||||||
|
Permit & Licenses |
04/2007 KSD 2331 08/2010 ISO/TS16949 Int’l Trade No.: 12039997 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
01/19/1987 Incorporated as SEJIN STEEL CO.,
LTD. 03/01/2006 Changed company name to the
present name 03/01/2006 Moved to the present HQ address
from 335, Hwasan-ri, Onsan-eup, Ulju-gun, Ulsan, Korea 03/31/2010 Increased the authorized shares
to 1,000,000 shares from 160,000 shares 03/31/2010 Increased capital to
1,776,900,000 KRW from 700,000,000 KRW 03/31/2010 Acquired Ajin Metal Co., Ltd. |
|||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Jeon Yoon-Seok |
Male |
Korean |
01/01/2013 |
|
Director |
Mr. |
Jeon Gyu-Soo |
Male |
Korean |
03/19/1999 |
|
Director |
Mr. |
Oh Seok-Joo |
Male |
Korean |
01/13/2005 |
|
Auditor |
Mr. |
Jeon Yoon-Soo |
Male |
Korean |
03/31/2011 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2012 |
209,875,556,100 |
102,097,379,148 |
2,740,663,306 |
|
2011 |
214,128,129,586 |
98,223,099,473 |
2,536,987,540 |
|
2010 |
223,892,417,177 |
98,809,853,604 |
90,334,830 |
|
2009 |
126,157,901,683 |
51,969,979,263 |
619,174,835 |
Financial
Description
|
Authorized Capital(KRW) |
10,000,000,000 |
|
Paid-Up Capital(KRW) |
1,776,900,000 |
|
Total Issued Shares |
177,690 |
Balance Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
102,097,379,148 |
98,223,099,473 |
98,809,853,604 |
|
Current Assets |
42,462,041,336 |
40,035,315,123 |
50,329,939,053 |
|
-Quick Assets |
21,186,047,240 |
17,698,720,307 |
22,282,908,427 |
|
-Inventories |
21,275,994,096 |
22,336,594,816 |
28,047,030,626 |
|
Fixed Assets |
59,635,337,812 |
58,187,784,350 |
48,479,914,551 |
|
-Investment |
802,518,162 |
468,027,922 |
298,720,522 |
|
-Tangibles |
56,834,780,174 |
55,311,736,908 |
45,242,612,482 |
|
-Intangibles |
1,998,039,476 |
2,408,019,520 |
2,938,581,547 |
|
Total Liabilities |
82,446,972,287 |
77,691,200,536 |
73,488,621,511 |
|
Current Liabilities |
62,169,823,896 |
68,247,782,162 |
68,875,844,211 |
|
Fixed Liabilities |
20,277,148,391 |
9,443,418,374 |
4,612,777,300 |
|
Capital Stock |
1,776,900,000 |
1,776,900,000 |
1,776,900,000 |
|
Capital Surplus |
2,043,100,000 |
2,043,100,000 |
2,043,100,000 |
|
Profit Surplus |
6,108,219,597 |
3,367,556,291 |
8,156,889,447 |
|
Capital Adjustment |
-3,120,000,000 |
-3,120,000,000 |
-3,120,000,000 |
|
Total Equity |
19,650,406,861 |
20,531,898,937 |
25,321,232,093 |
|
Liab. & Shareholder’s Equity |
102,097,379,148 |
98,223,099,473 |
98,809,853,604 |
|
Current Liabilities |
62,169,823,896 |
68,247,782,162 |
68,875,844,211 |
|
Trade Payables |
612,588,592 |
1,519,601,033 |
3,579,386,332 |
|
Short-Term Borrowings |
38,244,928,465 |
31,470,081,169 |
27,336,500,000 |
|
Account Payables |
1,560,800,595 |
3,941,939,163 |
1,594,846,477 |
|
Accrued Expenses |
778,214,105 |
500,178,550 |
436,072,967 |
|
Current Portion of Long-Term Debts |
2,757,749,760 |
2,149,623,920 |
2,415,698,820 |
|
Short-Term Borrowings |
17,966,978,438 |
20,965,963,752 |
33,345,600,271 |
|
Advance Receipts |
125,335,473 |
94,913,235 |
106,010,757 |
|
Withholdings |
35,496,891 |
32,433,660 |
61,728,587 |
|
Accrued Income Tax |
87,731,577 |
7,573,047,680 |
- |
|
Fixed Liabilities |
20,277,148,391 |
9,443,418,374 |
4,612,777,300 |
|
Long-Term Borrowings |
16,586,416,240 |
8,989,166,000 |
4,363,069,920 |
|
Provision for Severance & Retirement |
1,745,468,567 |
1,328,428,140 |
768,895,239 |
|
Deferred Income Tax |
3,661,021,102 |
15,376,602 |
|
Income Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
209,875,556,100 |
214,128,129,586 |
223,892,417,177 |
|
Cost of Sold Goods |
199,058,928,707 |
202,720,038,744 |
212,924,371,501 |
|
Gross Profit |
10,816,627,393 |
11,408,090,842 |
10,968,045,676 |
|
Selling & Admin. Expenses |
5,136,000,315 |
4,478,171,361 |
4,790,142,026 |
|
Operating Income |
5,680,627,078 |
6,929,919,481 |
|
|
Non-Operating Income |
2,740,073,418 |
1,904,662,925 |
6,177,903,650 |
|
Non-Operating Expenses |
5,379,823,415 |
6,176,742,895 |
|
|
Income Before Taxes |
3,040,877,081 |
2,657,839,511 |
|
|
Income Taxes Expenses |
300,213,775 |
120,851,971 |
3,232,946,761 |
|
Net Income |
2,740,663,306 |
2,536,987,540 |
90,334,830 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
-4,533,818,335 |
17,758,610,361 |
441,778,171 |
|
-Net Income |
2,740,663,306 |
2,536,987,540 |
3,142,611,931 |
|
-Exp. without Cash Outflow |
5,273,240,825 |
4,967,087,572 |
4,373,882,878 |
|
-Revenue without Cash Inflows |
-396,858,359 |
-199,233,014 |
-20,122,022 |
|
-Changes in Asset/ & Liability |
-12,150,864,107 |
10,453,768,263 |
-7,054,594,616 |
|
Cash Flows from Investing |
-7,921,330,153 |
-13,556,999,979 |
-1,760,078,999 |
|
-Cash Inflow from Investing |
5,792,142,486 |
12,217,724,863 |
596,080,217 |
|
-Cash Outflows for Investing |
-13,713,472,639 |
-25,774,724,842 |
-2,356,159,216 |
|
Cash Flows from Financing |
12,344,177,800 |
-4,101,124,976 |
1,104,107,213 |
|
-Cash Inflows from Financing |
147,258,281,030 |
148,399,336,459 |
18,542,852,991 |
|
-Cash Outflows from Financing |
-134,914,103,230 |
-152,500,461,435 |
-17,438,745,778 |
|
Increase/Decrease in Cash |
-110,970,688 |
100,485,406 |
-1,516,672 |
|
Cash at the Beginning of Year |
127,876,374 |
27,390,968 |
28,907,640 |
|
Cash at the End of Year |
16,905,686 |
127,876,374 |
27,390,968 |
|
Main Products & Services |
Aluminum Ingots, Aluminum Scrap, Aluminum Steel, Copper |
|
Competitors |
SEJIN METAL CO., LTD. 891-5, WONSAN-RI, ONSAN-EUP, ULJU-GUN,
ULSAN, KOREA TEL:+82-52-239-3451 FAX:+82-52-238-9698 HANYUNG METAL CO., LTD. 1192, SINSANG 3-RI, JILLYANG-EUP,
GYEONGSAN-SI, GYEONGSANGBUK-DO, KOREA TEL:+82-53-856-8211 FAX:+82-53-856-8215 JSA KOREA COMMODITY LTD. RM. 401, HWANSAM BLDG., 102-31,
DONGJAK-DONG, DONGJAK-GU, SEOUL, KOREA TEL:+82-2-717-2450 FAX:+82-2-717-2454 |
|
Cooperative Enterprise |
-Insured Company LIG INSURANCE CO., LTD.(110111-0017859) |
Not Available.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.63.02 |
|
UK Pound |
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.84.91 |
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.