|
Report Date : |
07.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
SBW INC. |
|
|
|
|
Registered Office : |
549, Dosan-daero, Gangnam-gu, Seoul, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
02.05.2008 |
|
|
|
|
Com. Reg. No.: |
120-87-27416 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Underwear and Night Clothes |
|
|
|
|
No. of Employees |
465 |
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 : |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
SBW INC. (Korean Company Name : “(주)쌍방울”) |
|
Registered
Address |
549, Dosan-daero, Gangnam-gu, Seoul, Korea |
|
Building |
|
|
Zip Code |
135-957 |
|
Tel |
+82-2-3485-6000 |
|
Fax |
+82-2-546-6862 |
|
E-mail |
webmaster@sbw.co.kr |
|
Website |
www.trybrands.co.kr |
|
Trading Address |
549, Dosan-daero, Gangnam-gu, Seoul, Korea (Old Address System : 129-3, Cheongdam-dong, Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-3485-6000 |
|
Fax |
+82-2-546-6862 |
|
Other Address-Iksan Factory |
827-7, Sinheung-dong, Iksan-si, Jeollabuk-do, Korea |
|
Tel |
+82-63-838-5091 |
|
Fax |
|
|
Type |
Export |
|
Industry |
Manufacture of Underwear and Night Clothes |
|
Main Business |
Underwear, Cotton Spinning Four, Material |
|
Sub Business |
|
|
Established
(mm/dd/yyyy) |
05/02/2008 |
The Subject owns the premises of Iksan Factory.
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Undergarments(53102300) |
|
Sell |
Nightwear(53102600) |
|
Sell |
Underpants(53102303) |
|
Sell |
Body shaping garments(53102307) |
|
Sell |
Undershirts(53102301) |
|
Sell |
Shirts and blouses(53101600) |
|
Sell |
Coats and jackets(53101800) |
|
Sell |
Sweaters(53101700) |
|
Sell |
Athletic wear(53102900) |
|
Sell |
Socks(53102402) |
|
Buy |
Yarns(11151700) |
|
Buy |
Cotton thread(11151601) |
CEO’s
|
Name |
Choi Je-Sung |
|
Address |
|
|
Date of Birth |
04/30/1966 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
41,557,605,000 |
||||||||||||
|
Employees |
465 |
||||||||||||
|
Formation |
Listed Company
(Korea Stock Exchange : 102280) as of 06/10/2008 |
||||||||||||
|
Bank Details |
Kookmin Bank Woori
Bank-Trade Center Branch Korea Exchange
Bank |
||||||||||||
|
Corporate
Registered No. |
110111-3891169 |
||||||||||||
|
Business
Registered No. |
120-87-27416 |
||||||||||||
|
Permit &
Licenses |
Int’l Trade No.: 45348916 |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company
History |
05/02/2008
Incorporated as TRY BRANDS INC., after split off from TEC&CO CO., LTD.(110111-0264343) 03/31/2010
Changed company name to SSANGBANGWOOL & TRYGROUP INC. 08/31/2011
Changed company name to the present name 02/19/2013
moved to the present HQ address from 161-17, Samseong 1-dong,
Gangnam-gu, Seoul, Korea |
||||||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Date of Birth |
|
President & CEO |
Mr. |
Choi Woo-Hyang |
Male |
Korean |
1968.01.17 |
|
Director |
Mr. |
Choi Je-Sung |
Male |
Korean |
1966.04.30 |
|
Director |
Mr. |
Park Sang-Min |
Male |
Korean |
1976.11.20 |
|
Director |
Mr. |
Kim Young-Mo |
Male |
Korean |
1973.03.17 |
|
Director |
M/S. |
Lee Kyu-Hwa |
Female |
Korean |
1970.02. |
|
Outside Director |
Mr. |
Yang Jae-Sik |
Male |
Korean |
1965.11.27 |
|
Outside Director |
Mr. |
Yang Sun-Kil |
Male |
Korean |
1962.11.30 |
|
Auditor |
Mr. |
Kim Ki-Young |
Male |
Korean |
1965.04.28 |
Financials
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
(*)2013 |
125,890,721,008 |
125,491,695,142 |
-425,918,794 |
|
(*)2012 |
148,450,979,779 |
114,581,677,891 |
3,018,473,943 |
|
(*)2011 |
150,463,258,955 |
117,974,603,682 |
5,357,973,931 |
|
(*)2010 |
130,520,344,437 |
109,311,448,211 |
4,859,678,575 |
|
2009 |
133,602,353,716 |
104,121,675,558 |
-3,744,856,561 |
|
2008 |
84,617,225,531 |
112,852,359,547 |
-82,211,651 |
(*)Figures are based on the K-IFRS
Accounting System.
|
Authorized
Capital(KRW) |
250,000,000,000 |
|
Paid-Up
Capital(KRW) |
41,557,605,000 |
|
Total Issued
Shares |
83,115,210 |
|
Balance Sheet |
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total
Assets |
125,491,695,142 |
114,581,677,891 |
117,974,603,682 |
|
Current
Assets |
88,209,263,211 |
79,221,560,765 |
85,136,745,893 |
|
Cash
& Cash Equivalents |
10,974,097,080 |
2,278,965,582 |
5,194,399,645 |
|
Current
Financial Instruments |
2,280,000,000 |
380,000,000 |
2,435,000,000 |
|
Trade
Receivables & Other Receivables |
36,458,185,636 |
42,689,009,744 |
41,920,837,295 |
|
Inventories |
36,250,803,828 |
33,717,712,327 |
35,429,272,251 |
|
Other
Current Assets |
2,246,176,667 |
155,873,112 |
157,236,702 |
|
Non-Current
Assets |
37,282,431,931 |
35,360,117,126 |
32,837,857,789 |
|
Investment_Subsidiaries |
17,719,467,507 |
15,887,426,507 |
14,735,405,107 |
|
Marketable
Financial Instruments |
3,001,000 |
3,001,000 |
3,001,000 |
|
Long-Term
Trade Receivables & Other Receivables |
5,705,416,433 |
6,635,876,184 |
5,797,316,914 |
|
Long-Term
Finance Assets |
780,000,000 |
45,000,000 |
- |
|
Tangibles |
10,719,080,668 |
10,858,538,969 |
11,113,061,269 |
|
Intangibles |
1,536,296,309 |
941,405,943 |
626,644,864 |
|
Deferred
Income Tax Assets |
786,170,014 |
788,868,523 |
212,428,635 |
|
Other
Non-Current Assets |
33,000,000 |
200,000,000 |
350,000,000 |
|
Total
Liabilities |
49,409,540,442 |
38,160,640,221 |
44,540,820,819 |
|
Current
Liabilities |
31,906,219,566 |
29,808,743,105 |
42,259,425,670 |
|
Trade
Payables & Other Payables |
6,856,878,330 |
9,709,788,036 |
13,388,398,130 |
|
Short-Term
Borrowings |
23,279,139,761 |
16,729,950,104 |
25,221,609,392 |
|
Other
Current Liabilities |
1,694,378,239 |
2,159,048,915 |
2,455,348,910 |
|
Current
Portion of Provisions |
75,823,236 |
475,913,587 |
126,620,315 |
|
Accrued
Income Tax |
- |
734,042,463 |
1,067,448,923 |
|
Non-Current
Liabilities |
17,503,320,876 |
8,351,897,116 |
2,281,395,149 |
|
Long-Term
Borrowings |
14,969,796,656 |
5,795,313,990 |
- |
|
Non-Current
Liabilities |
1,497,948,010 |
1,709,064,014 |
1,870,322,294 |
|
Confirmed
Salaries |
1,035,576,210 |
847,519,112 |
411,072,855 |
|
Capital
Stock |
41,557,605,000 |
41,557,605,000 |
41,557,605,000 |
|
Capital
Surplus |
11,796,321,308 |
11,796,321,308 |
11,581,608,724 |
|
Others |
-6,134,163 |
-6,134,163 |
-6,134,163 |
|
Profit
Surplus |
22,734,362,555 |
23,073,245,525 |
20,300,703,302 |
|
Total
Equity |
76,082,154,700 |
76,421,037,670 |
73,433,782,863 |
|
Liab.
& Shareholder’s Equity |
125,491,695,142 |
114,581,677,891 |
117,974,603,682 |
|
Income Statement |
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
125,890,721,008 |
148,450,979,779 |
150,463,258,955 |
|
Cost
of Sold Goods |
-88,608,678,011 |
-104,564,558,416 |
110,980,127,471 |
|
Gross
Profit |
37,282,042,997 |
43,886,421,363 |
39,483,131,484 |
|
Selling
& Admin. Expenses |
-36,782,766,401 |
-38,247,962,961 |
31,619,651,129 |
|
Operating
Income |
499,276,596 |
5,638,458,402 |
7,863,480,355 |
|
Other
Operating Income |
192,367,370 |
1,078,476,315 |
335,335,328 |
|
Other
Operating Expenses |
-163,426,465 |
-594,072,492 |
712,408,150 |
|
Finance
Income |
2,016,475,937 |
1,957,878,575 |
2,327,269,428 |
|
Finance
Expenses |
-2,992,462,289 |
-4,312,243,671 |
3,343,390,487 |
|
Income
Before Taxes |
-447,768,851 |
3,768,497,129 |
6,470,286,474 |
|
Income
Taxes Expenses |
-21,850,057 |
750,023,186 |
1,112,312,543 |
|
Net
Income |
-425,918,794 |
3,018,473,943 |
5,357,973,931 |
|
Cash Flows |
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Operating
Activities Cash Flows |
297,585,657 |
1,013,745,730 |
1,936,224,616 |
|
Net
Income |
-425,918,794 |
3,018,473,943 |
5,357,973,931 |
|
Adjustment |
4,899,587,549 |
6,171,028,405 |
4,260,764,434 |
|
Changes
in Asset/ & Liability |
-2,295,054,493 |
-5,525,974,764 |
-4,680,275,008 |
|
Interests
Received |
263,696,016 |
256,673,035 |
210,595,676 |
|
Interests
Paid |
-1,381,810,558 |
-1,350,204,879 |
-1,924,815,509 |
|
Income
Taxes |
-762,914,063 |
-1,556,250,010 |
-1,288,018,908 |
|
Cash
Flows from Investing |
-7,145,787,132 |
-1,571,213,790 |
349,195,393 |
|
Cash
Inflow from Investing |
3,031,500,502 |
2,938,311,558 |
6,559,004,081 |
|
Cash
Outflows for Investing |
-10,177,287,634 |
-4,509,525,348 |
-6,209,808,688 |
|
Cash
Flows from Financing |
15,543,331,878 |
-2,357,547,631 |
-2,451,872,820 |
|
Cash
Inflows from Financing |
88,785,859,940 |
64,980,358,035 |
20,836,584,380 |
|
Cash
Outflows from Financing |
-73,242,528,062 |
-67,337,905,666 |
-23,288,457,200 |
|
Increase/Decrease
in Cash |
8,695,130,403 |
-2,915,015,691 |
-166,452,811 |
|
Cash
at the Beginning of Year |
2,278,965,582 |
5,194,399,645 |
5,361,431,404 |
|
Cash
at the End of Year |
10,974,097,080 |
2,278,965,582 |
5,194,399,645 |
Products,
Technologies, Services Description
|
Main Products
& Services |
Underwear, Cotton Spinning Four, Material |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
Trade Partners &
Competitors
|
Suppliers |
GILIM TRY
TEXTILE CO., LTD.(CHINA) |
|
Customers |
|
|
Competitors |
BYC CO.,
LTD.(110111-0005995) 1104-1, DAERIM
2-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-840-3114 FAX:+82-2-840-3193 GOOD PEOPLE
CO., LTD.(110111-0939326) 5TH FL., DAE-A
BLDG., 165-5, DONGGYO-DONG, MAPO-GU, SEOUL, KOREA TEL:+82-2-320-6600 FAX:+82-2-334-0137 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
RED TIGRIS CO.,
LTD.(110111-4016039) SBW INT'L INC. (49.00% held by the subject company) SBW USA INC (2.77% held by the subject company) |
|
Overseas
Office |
|
|
Liaison Office |
|
|
Overseas
Branch |
|
|
Joint Venture |
|
|
Subsidiary |
GILIM TRY TEXTILE
CO., LTD.(CHINA) (100.00% held
by the subject company) HUNCHUN TRY
TEXTILE CO., LTD.(CHINA) (100.00% held
by the subject company) HUNCHUN
SSANGBANGWOOL TEXTILE CO., LTD.(CHINA) (100.00% held
by the subject company) SSANGBANGWOOL
SHANGHAI CO., LTD.(CHINA) (100.00% held
by the subject company) SSANGBANGWOOL
SHIMYANG CO., LTD.(CHINA) (100.00% held
by the subject company) |
|
Corporate
Ownership |
|
|
Major
Shareholders |
|
|
Cooperative
Enterprise |
-Insured
company DONGBU INSURANCE CO., LTD.(110111-0095285) |
Sales by Region
(Activity & Markets)
|
Sales/ Unit
:Mil KRW |
2013 |
2012 |
2011 |
|
Export |
|
34,391 |
34,915 |
|
Domestic |
|
114,060 |
115,548 |
|
Total |
|
148,451 |
150,463 |
The Subject exports
to China, Saudi Arabia, Nigeria, USA and Japan.
Court Action
There are 6 cases filed as Defendant(s)/ Debtor(s)/ Respondent(s) amounting 968,824,000 KRW, and 1 case filed as Plaintiff(s)/ Creditor(s)/ Applicant(s) amounting 100,000,000 KRW.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.32 |
|
|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.