MIRA INFORM REPORT

 

 

Report Date :

25.10.2013

 

IDENTIFICATION DETAILS

 

Name :

SHIN STEEL CO., LTD.

 

 

Registered Office :

7-4, Yongho-dong, Uichang-gu, Changwon-si, Gyeongsangnam-do, Korea

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2008

 

 

Date of Incorporation :

09.08.2008

 

 

Com. Reg. No.:

609-81-84859

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

Wholesaler of Basic Metals Such as Steel Products, Cr, GI, EG, GA, PCM, Steel Plate.

 

 

No. of Employees :

13

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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 Information

 

Basic

 

Company Name

SHIN STEEL CO., LTD.

(Korean Company Name : “(주)신스틸”)

Registered Address

7-4, Yongho-dong, Uichang-gu, Changwon-si, Gyeongsangnam-do, Korea

Building

Rm.407, Gyungnam International Trade Center

Zip Code

641-840

Tel

+82-55-287-7215

Fax

+82-55-287-7216

E-mail

shinsteel72@naver.com

Website

 

Trading Address

Rm.407, Gyungnam International Trade Center, 7-4, Yongho-dong, Uichang-gu, Changwon-si, Gyeongsangnam-do, Korea

(New Address System : 257, Jungang-daero, Uichang-gu, Changwon-si, Gyeongsangnam-do, Korea)

Tel

+82-70-7862-7287

Fax

+82-55-287-7216

Type

Export/Import

Industry

Wholesale of Basic Metals

  Main Business

Steel Products, CR, GI, EG, GA, PCM, Steel Plate

  Sub Business

 

Established (mm/dd/yyyy)

09/08/2008

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Steel(11101704)

 

CEO’s

 

Name

Shin Seung-Kon

Address

Suite 903-1302, 319-5, Daecheong-ri, Jangyu-myeon, Gimhae-si, Gyeongsangnam-do, Korea

Date of Birth

06/14/1972

Title

Representative Director

Sex

Male

Nationality

Korean

 

Profiles

 

Capital (KRW)

500,000,000

Employees

13

Formation

Co., Ltd by Shares

Bank Details

Kookmin Bank

Corporate Registered No.

194211-0094409

Business Registered No.

609-81-84859

Permit & Licenses

Int’l Trade No.: 30665022

Shareholder Position

N/A

Company History

04/01/2005 Established as SHIN STEEL CO(Sole Proprietorship)

09/08/2008 Incorporated as the present name

08/31/2009 Increased the authorized shares to 200,00 shares from 80,000 shares

09/03/2009 Increased capital to 500,000,000 KRW from 100,000,000 KRW

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

Representative Director

Mr.

Shin Seung-Kon

Male

Korean

03/31/2011

Auditor

Mr.

Lim Ji-Hoon

Male

Korean

03/31/2011

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2012

 

 

 

2011

37,578,000,000

8,845,000,000

864,000,000

2010

17,951,000,000

4,732,000,000

481,000,000

2009

4,766,000,000

2,016,000,000

15,000,000

2008

2,746,000,000

217,000,000

95,000,000

The latest financials are not available, and the Subject Company does not have any obligations to release its financials to the public.

 

Financial Description

 

Authorized Capital(KRW)

1,000,000,000

Paid-Up Capital(KRW)

500,000,000

Total Issued Shares

100,000

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2010

As of 12/31/2009

As of 12/31/2008

Total Assets

 

 

217,000,000

Current Assets

 

 

217,000,000

-Quick Assets

 

 

217,000,000

-Inventories

 

 

-

Fixed Assets

 

 

 

-Investment

 

 

 

-Tangibles

 

 

 

-Intangibles

 

 

 

Total Liabilities

 

 

22,000,000

Current Liabilities

 

 

22,000,000

Fixed Liabilities

 

 

-

Capital Stock

 

 

100,000,000

Capital Surplus

 

 

-

Profit Surplus

 

 

95,000,000

Capital Adjustment

 

 

-

Total Equity

 

 

195,000,000

Liab. & Shareholder’s Equity

 

 

217,000,000

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2010

As of 12/31/2009

As of 12/31/2008

Sales

 

 

2,746,000,000

Cost of Sold Goods

 

 

2,504,000,000

Gross Profit

 

 

243,000,000

Selling & Admin. Expenses

 

 

126,000,000

Operating Income

 

 

117,000,000

Non-Operating Income

 

 

-

Non-Operating Expenses

 

 

-

Income Before Taxes

 

 

117,000,000

Income Taxes Expenses

 

 

22,000,000

Net Income

 

 

95,000,000

 

Products, Technologies, Services Description

 

Main Products & Services

Steel Products, CR, GI, EG, GA, PCM

Detailed Products Spec.

 

Technologies Acquired

 

 

Trade Partners & Competitors

 

Suppliers

 

Customers

 

Competitors

HAN YANG STEEL IND. CO., LTD.

472-2, JAKJEON 2-DONG, GYEYANG-GU, INCHEON, KOREA

TEL:+82-32-547-5540  FAX:+82-32-549-7914

 

KUNYOUNG STEEL CO., LTD.

381-13, JEONGJA 1-DONG, JANGAN-GU, SUWON-SI, GYEONGGI-DO, KOREA

TEL:+82-31-244-9998  FAX:+82-31-244-9968

 

P & S KOREA CO., LTD.

3RD FL., HI-SENSE BLDG., 1688-17, SEOCHO 1-DONG, SEOCHO-GU, SEOUL, KOREA

TEL:+82-2-3474-3933  FAX:+82-2-3474-3936

 

 

Sales by Region (Activity & Markets)

 

The Subject exports to Saudi Arabia, Brazil and China.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

--

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.41

UK Pound

1

Rs.99.53

Euro

1

Rs.84.82

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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%)

 

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