|
Report Date : |
01.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
SEHWA MACHINERY CO., LTD. |
|
|
|
|
Registered Office : |
151-11, Munsangongdan-gil, Oedong-eup, Gyeongju-si, Gyeongsangbuk-do, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
19.12.1996 |
|
|
|
|
Com. Reg. No.: |
505-81-12558 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Internal Combustion Piston Engines |
|
|
|
|
No. of Employees : |
60 |
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 : |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 and 2013 the
economy experienced sluggish growth because of market slowdowns in the United
States, China, and the Eurozone. The administration in 2014 is likely to face
the challenge 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 about half of GDP
|
Source
: CIA |
Basic
|
Company Name |
SEHWA MACHINERY CO., LTD. (Korean Company Name : “세화기계(주)’) |
|
Registered
Address |
151-11, Munsangongdan-gil, Oedong-eup, Gyeongju-si, Gyeongsangbuk-do, Korea |
|
Building |
|
|
Zip Code |
780-820 |
|
Tel |
+82-54-773-8121~3 |
|
Fax |
+82-54-773-8124 |
|
E-mail |
leereo34@hanmail.net |
|
Website |
|
|
Trading Address |
151-11, Munsangongdan-gil, Oedong-eup, Gyeongju-si, Gyeongsangbuk-do, Korea (Old Address System : 813, Munsan-ri, Oedong-eup, Gyeongju-si, Gyeongsangbuk-do, Korea) |
|
Tel |
+82-54-773-8121~3 |
|
Fax |
+82-54-773-8124 |
|
Other Address-2nd Factory |
473-1, Munsan-ri, Oedong-eup, Gyeongju-si, Gyeongsangbuk-do, Korea |
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Internal Combustion Piston Engines |
|
Main Business |
Ship Engine Components |
|
Sub Business |
|
|
Established
(mm/dd/yyyy) |
12/09/1996 |
The Subject owns
the premises of registered HQ address and 2nd Factory.
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Engine components and accessories(26101700) |
CEO’s
|
Name |
Lee Chang-Ho |
|
Address |
Suite
102-2602, 1868, Sinjeong-dong, Nam-gu, Ulsan, Korea |
|
Date of Birth |
02/20/1952 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
300,000,000 |
||||||||||||||||||
|
Employees |
60 |
||||||||||||||||||
|
Formation |
Co., Ltd by shares |
||||||||||||||||||
|
Bank Details |
Gyeongnam Bank Korea
Development Bank |
||||||||||||||||||
|
Corporate
Registered No. |
171211-0014511 |
||||||||||||||||||
|
Business
Registered No. |
505-81-12558 |
||||||||||||||||||
|
Permit &
Licenses |
11/1998 ISO 9002 by ABS |
||||||||||||||||||
|
Shareholder
Position |
|
||||||||||||||||||
|
Company
History |
04/1995 Established as SEHWA MACHINERY CO.(Sole Proprietorship) 12/09/1996 Incorporated as SEHWA MACHINERY INDUSTRIES CO., LTD. 09/27/1997 Changed company name to the present name |
||||||||||||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President & CEO |
Mr. |
Lee Chang-Ho |
Male |
Korean |
03/21/2006 |
|
Director |
M/S. |
Kim Kyung-Ae |
Female |
Korean |
03/31/2003 |
|
Auditor |
Mr. |
Lee Won-Hyuck |
Male |
Korean |
12/02/2011 |
Financials
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
|
|
|
|
|
2012 |
15,403,419,113 |
13,275,528,341 |
54,567,946 |
|
2011 |
13,870,853,915 |
14,880,992,881 |
184,147,383 |
|
2010 |
12,360,427,580 |
14,254,586,312 |
869,769,737 |
|
2009 |
13,205,064,640 |
14,084,703,027 |
781,183,712 |
|
2008 |
11,088,706,450 |
16,315,788,574 |
237,141,233 |
|
2007 |
8,462,984,240 |
13,320,195,540 |
345,695,100 |
|
2006 |
8,628,000,000 |
6,897,000,000 |
427,000,000 |
|
Authorized Capital(KRW) |
400,000,000 |
|
Paid-Up
Capital(KRW) |
300,000,000 |
|
Total Issued
Shares |
30,000 |
|
Balance Sheet |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
13,275,528,341 |
14,880,992,881 |
14,254,586,312 |
|
Current Assets |
3,085,342,211 |
3,556,301,924 |
2,100,054,357 |
|
-Quick Assets |
1,952,133,600 |
2,064,849,030 |
1,384,159,547 |
|
-Inventories |
1,133,208,611 |
1,491,452,894 |
715,894,810 |
|
Fixed Assets |
10,190,186,130 |
11,324,690,957 |
12,154,531,955 |
|
-Investment |
469,348,311 |
511,483,507 |
581,924,515 |
|
-Tangibles |
9,579,714,279 |
10,672,083,910 |
11,418,483,900 |
|
-Intangibles |
141,123,540 |
141,123,540 |
154,123,540 |
|
Total
Liabilities |
8,562,358,029 |
10,222,390,515 |
9,780,131,329 |
|
Current
Liabilities |
5,412,284,445 |
7,000,064,615 |
6,489,939,450 |
|
Fixed
Liabilities |
3,150,073,584 |
3,222,325,900 |
3,290,191,879 |
|
Capital Stock |
300,000,000 |
300,000,000 |
300,000,000 |
|
Capital
Surplus |
|
|
|
|
Profit Surplus |
4,413,170,312 |
4,358,602,366 |
4,174,454,983 |
|
Capital
Adjustment |
|
|
|
|
Total Equity |
4,713,170,312 |
4,658,602,366 |
4,474,454,983 |
|
Liab. &
Shareholder’s Equity |
13,275,528,341 |
14,880,992,881 |
14,254,586,312 |
|
Current
Liabilities |
5,412,284,445 |
7,000,064,615 |
6,489,939,450 |
|
Trade Payables |
1,066,370,915 |
1,542,797,109 |
1,050,713,067 |
|
Short-Term Borrowings |
1,720,000,000 |
2,920,000,000 |
2,870,000,000 |
|
Account Payables |
942,653,872 |
1,155,096,167 |
988,267,087 |
|
Accrued Expenses |
11,323,609 |
13,553,029 |
18,554,439 |
|
Advance Receipts |
138,686,716 |
47,626,236 |
- |
|
Withholdings |
13,944,569 |
24,924,740 |
4,892,920 |
|
Accrued Income Tax |
18,673,270 |
- |
86,103,890 |
|
Short-Term Borrowings to Shareholders/ Executives/
Employees |
132,631,494 |
155,078,134 |
155,078,134 |
|
Current Portion of Long-Term Debts |
1,368,000,000 |
1,140,989,200 |
1,316,329,913 |
|
Fixed
Liabilities |
3,150,073,584 |
3,222,325,900 |
3,290,191,879 |
|
Long-Term Borrowings |
1,752,100,000 |
2,299,054,960 |
2,393,102,080 |
|
Provision for Severance & Retirement |
1,727,527,634 |
1,031,041,678 |
924,564,894 |
|
Income Statement |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of 12/31/2010 |
|
Sales |
15,403,419,113 |
13,870,853,915 |
12,360,427,580 |
|
Cost of Sold
Goods |
13,077,322,988 |
12,040,770,667 |
9,581,125,939 |
|
Gross Profit |
2,326,096,125 |
1,830,083,248 |
2,779,301,641 |
|
Selling &
Admin. Expenses |
2,008,999,271 |
1,346,283,363 |
1,355,506,612 |
|
Operating
Income |
317,096,854 |
483,799,885 |
1,423,795,029 |
|
Non-Operating
Income |
71,759,780 |
45,077,405 |
54,494,108 |
|
Non-Operating
Expenses |
262,681,218 |
324,274,027 |
521,446,387 |
|
Income Before
Taxes |
126,175,416 |
204,603,263 |
956,842,750 |
|
Income Taxes
Expenses |
71,607,470 |
20,455,880 |
87,073,013 |
|
Net Income |
54,567,946 |
184,147,383 |
869,769,737 |
|
Cash Flows |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Cash Flows
from Operating |
1,561,493,378 |
1,662,944,396 |
2,741,248,621 |
|
-Net Income |
54,567,946 |
184,147,383 |
869,769,737 |
|
-Exp. without
Cash Outflow |
2,081,177,018 |
1,645,151,692 |
2,027,049,155 |
|
-Revenue
without Cash Inflows |
-1,290,155 |
-6,713,169 |
-40,295,252 |
|
-Changes in
Asset/ & Liability |
-572,961,431 |
-159,641,510 |
-115,275,019 |
|
Cash Flows
from Investing |
-859,074,731 |
-533,583,642 |
-1,176,757,058 |
|
-Cash Inflow
from Investing |
3,220,737,281 |
535,583,291 |
212,151,319 |
|
-Cash Outflows
for Investing |
-4,079,812,012 |
-1,069,166,933 |
-1,388,908,377 |
|
Cash Flows
from Financing |
-1,542,390,800 |
-216,717,913 |
-1,243,429,102 |
|
-Cash Inflows
from Financing |
4,207,665,040 |
2,665,929,913 |
623,075,481 |
|
-Cash Outflows
from Financing |
-5,750,055,840 |
-2,882,647,826 |
-1,866,504,583 |
|
Increase/Decrease
in Cash |
-839,972,153 |
912,642,841 |
321,062,461 |
|
Cash at the
Beginning of Year |
1,269,816,569 |
357,173,728 |
36,111,267 |
|
Cash at the
End of Year |
429,844,416 |
1,269,816,569 |
357,173,728 |
Products,
Technologies, Services Description
|
Main Products
& Services |
Ship Engine Components |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
Trade Partners &
Competitors
|
Suppliers |
|
|
Customers |
HYUNDAI HEAVY INDUSTRIES CO., LTD.(181211-0000386) |
|
Competitors |
KOREA MARINE
ENGINEERING CO., LTD. 983-4, DONGSAM
2-DONG, YEONGDO-GU, BUSAN, KOREA TEL:+82-51-415-1449 FAX:+82-51-415-2005 PYUNG HWA
DIESEL CO., LTD. 23-3,
DAEPYEONGDONG 1-GA, YEONGDO-GU, BUSAN, KOREA TEL:+82-51-417-4666 FAX:+82-51-417-4667 COMACO
INTERNATIONAL CO., LTD. 141-74,
NAMHANGDONG 3-GA, YEONGDO-GU, BUSAN, KOREA TEL:+82-51-414-9868~9 FAX:+82-51-414-9870 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Cooperative
Enterprise |
-Insured
Company MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) LOTTE NON-LIFE INSURANCE CO., LTD.(110111-0014459) |
Sales by Region
(Activity & Markets)
Not Available.
Court Action
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.82.58 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.