|
Report Date : |
28.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
SILVERTEX LTD. |
|
|
|
|
Registered Office : |
67, Yangjae 1-dong, Seocho-gu, Seoul, Korea 6th Fl., Hyein Bldg.
137-889 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
21.01.1987 |
|
|
|
|
Com. Reg. No.: |
214-81-07348 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Stockings and Other Hosiery |
|
|
|
|
No. of Employees : |
118 |
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 |
SILVERTEX LTD. |
|
Registered
Address |
67,
Yangjae 1-dong, Seocho-gu, Seoul, Korea |
|
Building |
6th
Fl., Hyein Bldg. |
|
Zip
Code |
137-889 |
|
Tel |
+82-2-572-4711 |
|
Fax |
+82-2-572-4712 |
|
Trading
Address |
6th
Fl., Hyein Bldg., 67, Yangjae 1-dong, Seocho-gu, Seoul, Korea |
|
Tel |
+82-2-572-4711 |
|
Fax |
+82-2-572-4712 |
|
Type |
Export/Import |
|
Industry |
Manufacture
of Stockings and Other Hosiery |
|
Main Business |
Socks |
|
Established
(mm/dd/yyyy) |
01/21/1987 |
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Footwear(53110000) |
|
Sell |
Socks(53102402) |
|
Name |
Chung
Man-Woo |
|
Address |
601,
192-2, Dogok-dong, Gangnam-gu, Seoul, Korea |
|
Date
of Birth |
09/15/1950 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital
(KRW) |
1,009,600,000 |
|||||||||||||||||||||
|
Employees |
118 |
|||||||||||||||||||||
|
Formation |
Co.,
Ltd by Shares |
|||||||||||||||||||||
|
Bank
Details |
Kookmin Bank Industrial
Bank of Korea |
|||||||||||||||||||||
|
Corporate
Registered No. |
110111-0517445 |
|||||||||||||||||||||
|
Business
Registered No. |
214-81-07348 |
|||||||||||||||||||||
|
Permit
& Licenses |
Int’l
Trade No.: 933603 |
|||||||||||||||||||||
|
Shareholder
Position |
|
|||||||||||||||||||||
|
Company
History |
01/21/1987 Incorporated as SILVERTEX LTD. 07/17/2001 Acquired Silver Character Ltd. 07/18/2001 Changed company name to Silver Character Ltd. 09/29/2001 Split off the par value to 500 KRW from 5,000 KRW 08/27/2001 Increased the authorized shares to 20,000,000 shares from
500,000 shares 11/15/2004 Changed company name to the present name 07/23/2005 Moved to the present HQ address from 459-5, Dogok 2-dong,
Gangnam-gu, Seoul, Korea 12/31/2008 Split off the subject company and established SILVERTEX HOSIERY
INTERNATIONAL CO., LTD.(110111-4021814) 02/15/2009 Increased capital to 1,009,600,000 KRW from 1,000,000,000
KRW 02/16/2009
Acquired Hossen Co., Ltd. |
|||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President
& CEO |
Mr. |
Chung
Man-Woo |
Male |
Korean |
10/04/1993 |
|
Director |
M/S. |
Jeon
Young-Ok |
Female |
Korean |
10/04/1993 |
|
Director |
Mr. |
Choi
Kwang-Hee |
Male |
Korean |
08/27/2001 |
|
Auditor |
Mr. |
Chung
Choon-Woo |
Male |
Korean |
03/31/2004 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2012 |
38,591,340,772 |
32,496,565,202 |
6,213,250,196 |
|
2011 |
37,809,228,129 |
29,097,093,506 |
4,574,072,815 |
|
2010 |
32,105,299,491 |
25,162,919,421 |
735,431,328 |
|
Authorized
Capital(KRW) |
10,000,000,000 |
|
Paid-Up
Capital(KRW) |
1,009,600,000 |
|
Total
Issued Shares |
2,019,200 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total
Assets |
32,496,565,202 |
29,097,093,506 |
25,162,919,421 |
|
Current
Assets |
16,035,204,567 |
16,607,561,671 |
8,655,059,431 |
|
-Quick
Assets |
11,485,725,028 |
10,996,564,138 |
4,912,686,564 |
|
-Inventories |
4,549,479,539 |
5,610,997,533 |
3,742,372,867 |
|
Fixed
Assets |
16,461,360,635 |
12,489,531,835 |
16,507,859,990 |
|
-Investment |
14,234,832,446 |
10,164,363,292 |
14,103,021,010 |
|
-Tangibles |
1,929,711,359 |
2,028,007,713 |
2,081,867,133 |
|
-Intangibles |
296,816,830 |
297,160,830 |
45,750,017 |
|
-Others |
- |
- |
277,221,830 |
|
Total
Liabilities |
9,750,591,976 |
12,438,370,663 |
13,134,582,015 |
|
Current
Liabilities |
9,477,891,976 |
11,802,070,663 |
12,134,682,015 |
|
Fixed
Liabilities |
272,700,000 |
636,300,000 |
999,900,000 |
|
Capital
Stock |
1,009,600,000 |
1,009,600,000 |
1,009,600,000 |
|
Capital
Surplus |
1,237,467,015 |
1,237,467,015 |
1,237,467,015 |
|
Profit
Surplus |
21,171,049,475 |
15,083,799,092 |
10,509,726,277 |
|
Capital
Adjustment |
-672,143,264 |
-672,143,264 |
-728,455,886 |
|
Total
Equity |
22,745,973,226 |
16,658,722,843 |
12,028,337,406 |
|
Liab.
& Shareholder’s Equity |
32,496,565,202 |
29,097,093,506 |
25,162,919,421 |
|
Current
Liabilities |
9,477,891,976 |
11,802,070,663 |
12,134,682,015 |
|
Trade
Payables |
2,771,278,269 |
2,774,340,441 |
3,135,686,053 |
|
Short-Term
Borrowings |
4,960,000,000 |
6,886,296,864 |
6,784,899,684 |
|
Accrued
Income Tax |
- |
225,671,159 |
373,944,341 |
|
Account
Payables |
1,048,888,614 |
1,064,627,269 |
1,088,264,284 |
|
Accrued
Expenses |
13,112,575 |
23,883,503 |
29,834,816 |
|
Advance
Receipts |
236,776 |
9,868,375 |
- |
|
Withholdings |
149,595,860 |
138,025,430 |
97,508,170 |
|
VAT
Withhold |
345,204,882 |
310,757,622 |
250,944,667 |
|
Guarantee
Deposit Withhold |
35,000,000 |
5,000,000 |
10,000,000 |
|
Current
Portion of Long-Term Debts |
154,575,000 |
363,600,000 |
363,600,000 |
|
Fixed
Liabilities |
272,700,000 |
636,300,000 |
999,900,000 |
|
Long-Term
Borrowings |
272,700,000 |
636,300,000 |
999,900,000 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
38,591,340,772 |
37,809,228,129 |
32,105,299,491 |
|
Cost
of Sold Goods |
22,264,306,689 |
20,828,725,862 |
20,439,260,205 |
|
Gross
Profit |
16,327,034,083 |
16,980,502,267 |
11,666,039,286 |
|
Selling
& Admin. Expenses |
13,757,461,062 |
14,062,923,038 |
10,564,350,194 |
|
Operating
Income |
2,569,573,021 |
2,917,579,229 |
1,101,689,092 |
|
Non-Operating
Income |
4,281,313,327 |
3,070,428,766 |
1,594,291,222 |
|
Non-Operating
Expenses |
699,111,072 |
903,375,422 |
1,682,741,553 |
|
Income
Before Taxes |
6,151,775,276 |
5,084,632,573 |
1,013,238,761 |
|
Income
Taxes Expenses |
-61,474,920 |
510,559,758 |
277,807,433 |
|
Net
Income |
6,213,250,196 |
4,574,072,815 |
735,431,328 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
2,551,663,865 |
-1,592,050,738 |
1,945,394,746 |
|
-Net
Income |
6,213,250,196 |
4,574,072,815 |
735,431,328 |
|
-Exp.
without Cash Outflow |
928,702,727 |
767,220,626 |
3,308,546,739 |
|
-Revenue
without Cash Inflows |
-4,179,617,431 |
-2,941,704,485 |
-1,510,333,427 |
|
-Changes
in Asset/ & Liability |
-410,671,627 |
-3,991,639,694 |
-588,249,894 |
|
Cash Flows from Investing |
95,567,574 |
1,593,503,144 |
-4,746,920,384 |
|
-Cash
Inflow from Investing |
350,028,000 |
2,027,101,818 |
783,475,043 |
|
-Cash
Outflows for Investing |
-254,460,426 |
-433,598,674 |
-5,530,395,427 |
|
Cash Flows from Financing |
-2,498,921,864 |
-262,202,820 |
3,001,299,684 |
|
-Cash
Inflows from Financing |
- |
101,397,180 |
3,364,899,684 |
|
-Cash
Outflows from Financing |
-2,498,921,864 |
-363,600,000 |
-363,600,000 |
|
Increase/Decrease in Cash |
148,309,575 |
-260,750,414 |
199,774,046 |
|
Cash at the Beginning of Year |
37,471,521 |
298,221,935 |
98,447,889 |
|
Cash at the End of Year |
185,781,096 |
37,471,521 |
298,221,935 |
|
Main
Products & Services |
Socks |
|
Competitors |
SEJUNG CORPORATION 11-1, BUGOK 3-DONG, GEUMJEONG-GU, BUSAN, KOREA TEL:+82-51-515-9999 FAX:+82-51-581-9994 SHINWON CORPORATION SINWON BLDG., 532, DOHWA-DONG, MAPO-GU, SEOUL, KOREA TEL:+82-2-3274-5000
FAX:+82-2-3274-5611 IN THE F CO., LTD. 946-12, DAECHI 3-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-3456-9000 FAX:+82-2-568-8835 |
|
Affiliates |
SILVERTEX HOSIERY INTERNATIONAL CO., LTD.(110111-4021814) (100.00% held by the subject company) SEOBU FRESH FRUIT CO., LTD.(110111-1349532) (83.87%
held by the subject company) |
|
Cooperative
Enterprise |
-Insured Company DONGBU
INSURANCE CO., LTD.(110111-0095285) |
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
|
1 |
Rs.101.11 |
|
Euro |
1 |
Rs.84.67 |
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.