MIRA INFORM REPORT

 

 

Report Date :

01.08.2014

 

IDENTIFICATION DETAILS

 

Name :

SORIN CORPORATION

 

 

Registered Office :

542, Gangnam-daero, Gangnam-gu, Seoul, Korea

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

02.02.1984

 

 

Com. Reg. No.:

110111-0365068

 

 

Legal Form :

Company Limited By Shares

 

 

Line of Business :

Wholesale of Metal Plates, Bars, Pipes and Basic Metals.

 

 

No. of Employees :

62

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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. South 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. South 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-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, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP.

 

Source : CIA

Basic

 

Company Name

SORIN CORPORATION

(Korean Company Name : “서린상사(주)”)

Registered Address

542, Gangnam-daero, Gangnam-gu, Seoul, Korea

Building

10th Fl., Youngpoong Bldg.

Zip Code

135-749

Tel

+82-2-519-3391

Fax

+82-2-542-0013

Website

www.koreazinc.co.kr

Trading Address

10th Fl., Youngpoong Bldg., 542, Gangnam-daero, Gangnam-gu, Seoul, Korea

(Old Address System : 10th Fl., Youngpoong Bldg., 142, Nonhyeon 1-dong, Gangnam-gu, Seoul, Korea (P.O.BOX 128))

Tel

+82-2-519-3391

Fax

+82-2-542-0013

Other Address-Incheon Sales Office

1446-2, Juan 7-dong, Nam-gu, Incheon, Korea

Tel

+82-32-862-0527

Fax

+82-32-873-1756

Other Address-Busan Sales Office

649-5, Nambumin 1-dong, Seo-gu, Busan, Korea

Tel

+82-51-243-5313

Fax

+82-51-243-2793

Type

Export/Import

Industry

Wholesale of Metal Plates, Bars, Pipes, and Basic Metals

  Main Business

Zinc, Lead, Silver, Cadmium

  Sub Business

 

Established (mm/dd/yyyy)

02/02/1984

The Subject Company occupies the premises of registered HQ address by leasing base.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Zinc ingots(30103404)

Sell

Lead ingots(30103403)

Sell

Silver Ingot

Sell

Copper cathode

Sell

Cadmium Oxide

Sell

Coarse Cobalt Oxide

Buy

Zinc Concentrates

Buy

Tin Concentrates

Buy

Lead Bullion

 

CEO’s

 

Name

Chang Jae-Man

Address

Suite 101-1102, 65-14, Sinhyeon-ro, Opo-eup, Gwangju-si, Gyeonggi-do, Korea

Date of Birth

09/03/1953

Title

Co-President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

1,550,825,000

Employees

62

Formation

Co., Ltd by shares

A Company of YOUNG POONG BUSINESS GROUP

Bank Details

Korea Exchange Bank-Shinsa-Dong Branch

Shinhan Bank

Woori Bank

Corporate Registered No.

110111-0365068

Business Registered No.

211-81-19597

Permit & Licenses

Int’l Trade No: 840569

Shareholder Position

Name

Shares

%

KOREA ZINC INC(110111-0168404)

155,000

49.97

CHANG HYUNG-JIN & HIS FAMILY

103,378

33.33

CHOI CHANG-KEUN & HIS FAMILY

51,787

16.70

TOTAL

310,165

100.00

Company History

02/02/1984 Incorporated as Sorin Metal Co., Ltd.

03/11/1994 Changed company name to the present name

11/30/2004 Awarded US$300 Million Export Top Prize

01/31/2013 Increased capital to 1,550,825,000 KRW from 1,500,000,000 KRW

02/14/2013 Acquired KZ INTERNATIONAL CORPORATION(110111-4252807)

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

Co-President & CEO

Mr.

Chang Jae-Man

Male

Korean

02/13/2013

Co-President & CEO

Mr.

Chang Se-Hwan

Male

Korean

12/24/2013

Co-President & CEO

Mr.

Kwak Jae-Yo

Male

Korean

02/17/2012

Co-President & CEO

Mr.

Kim Jae-Sun

Male

Korean

02/27/2012

Director

Mr.

Choi Chang-Gerl

Male

Korean

03/11/1994

Director

Mr.

Choi Chang-Keun

Male

Korean

03/11/1994

Director

Mr.

Chang Hyung-Jin

Male

Korean

03/11/1994

Director

Mr.

Ryu Hae-Pyung

Male

Korean

02/25/2011

Auditor

Mr.

Kim Seung-Keun

Male

Korean

01/31/2013

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

(*)2013

288,256,980,212

358,222,147,954

9,583,319,264

(*)2012

329,286,084,122

309,343,350,347

15,348,997,330

(*)2011

322,226,584,476

297,510,967,304

19,540,989,714

2010

387,267,538,433

235,618,877,524

14,110,353,351

2009

417,703,337,643

182,579,578,812

16,340,017,258

2008

409,482,289,955

151,208,019,917

14,078,415,011

2007

394,619,727,348

114,312,100,283

16,390,006,730

2006

854,666,759,715

107,314,432,388

13,826,015,766

2005

575,384,568,088

83,736,918,804

10,775,385,252

2004

610,816,616,990

98,304,193,686

11,547,583,535

2003

527,064,946,235

93,141,233,738

14,030,046,874

(*)Figures are based on the K-IFRS Accounting System.

 

 

Financial Description

 

Authorized Capital(KRW)

6,000,000,000

Paid-Up Capital(KRW)

1,550,825,000

Total Issued Shares

310,165

 

 

BALANCE SHEET

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Total Assets

358,222,147,954

309,343,350,347

297,510,967,304

Current Assets

64,412,523,585

47,051,740,359

35,523,757,657

Cash & Cash Equivalents

14,598,207,709

11,502,537,633

4,476,397,454

Trade Receivables & Other Receivables

16,783,164,749

12,234,518,573

13,067,810,726

Current Financial Instruments

25,000,000,000

13,000,000,000

4,000,000,000

Other Financial Assets

2,021,741,954

996,660,267

-

Derivatives

2,102,158

-

-

Other Current Assets

39,413,836

39,433,718

186,369,346

Inventories

5,967,893,179

9,278,590,168

13,793,180,131

Non-Current Assets

293,809,624,369

262,291,609,988

261,987,209,647

Long-Term Trade Receivables & Other Receivables

438,550,805

380,238,930

365,878,970

Non-Current Financial Instruments

2,500,000

2,500,000

2,500,000

Other Non-Current Assets

243,460,511,724

214,727,450,000

215,019,606,168

Investment_Subsidiaries

38,487,833,221

36,647,200,738

36,647,200,738

Tangibles

4,343,188,007

3,508,781,838

3,351,544,146

Investment_Real Estates

6,569,792,928

6,617,718,036

6,092,343,003

Intangibles

507,247,684

407,720,446

508,136,622

Total Liabilities

58,503,172,639

46,079,635,578

47,061,043,158

Current Liabilities

16,514,939,600

10,339,051,612

11,710,418,299

Trade Payables & Other Payables

10,258,431,148

7,059,854,507

5,329,519,807

Short-Term Borrowings

4,750,643,672

673,411,550

-

Deferred Income Tax Credit

301,636,300

1,660,678,890

5,675,684,980

Other Current Liabilities

1,204,228,480

945,106,665

705,213,512

Non-Current Liabilities

41,988,233,039

35,740,583,966

35,350,624,859

Long-Term Trade Payables & Other Payables

2,508,000,000

2,508,000,000

2,518,000,000

Confirmed Salaries

877,093,485

955,075,361

878,520,768

Deferred Income Tax Credit

38,603,139,554

32,277,508,605

31,954,104,091

Capital Stock

1,550,825,000

1,500,000,000

1,500,000,000

Capital Surplus

7,737,554,070

100,000,000

100,000,000

Profit Surplus

152,740,551,748

146,372,885,847

134,233,265,214

Capital Adjustment

137,690,044,497

115,290,828,922

114,616,658,932

Total Equity

299,718,975,315

263,263,714,769

250,449,924,146

Liab. & Shareholder’s Equity

358,222,147,954

309,343,350,347

297,510,967,304

 

 

INCOME STATEMENT

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Sales

288,256,980,212

329,286,084,122

322,226,584,476

Cost of Sold Goods

265,945,251,257

299,366,042,153

280,315,765,328

Gross Profit

22,311,728,955

29,920,041,969

41,910,819,148

Selling & Admin. Expenses

12,144,566,073

12,395,721,123

11,802,920,377

Operating Income

10,167,162,882

17,524,320,846

30,107,898,771

Non-Operating Profits

-367,575,221

-275,912,561

-40,908,446

Non-Operating Income

2,128,262,593

1,533,721,381

2,784,615,669

Non-Operating Expenses

-2,495,837,814

-1,809,633,942

-2,825,524,115

Finance Profits

2,520,989,965

2,341,361,835

1,009,997,225

Finance Income

2,575,501,683

2,345,428,113

1,058,842,154

Finance Expenses

-54,511,718

-4,066,278

-48,844,929

Profits from Investment on Related Companies

-64,726,394

-

-

Income Before Taxes

12,255,851,232

19,589,770,120

31,076,987,550

Income Taxes Expenses

2,672,531,968

4,240,772,790

11,535,997,836

Net Income

9,583,319,264

15,348,997,330

19,540,989,714

 

 

CASH FLOWS

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Operating Activities Cash Flows

17,672,935,658

18,799,131,808

21,345,587,644

Cash Flows from Operating

19,868,718,364

24,770,165,718

28,290,951,585

Net Income

9,583,319,264

15,348,997,330

19,540,989,714

Adjustment

1,335,346,021

2,641,627,725

11,274,181,932

Changes in Asset/ & Liability

8,950,053,079

6,779,540,663

-2,524,220,061

Interests Received

836,602,002

389,639,000

358,038,108

Dividends Received

1,490,598,000

1,702,797,000

478,637,750

Interests Paid

-42,862,521

-

-48,844,929

Income Taxes

-4,480,120,187

-8,063,469,910

-7,733,194,870

Cash Flows from Investing

-15,661,053,523

-9,448,804,340

-16,503,646,353

Cash Flows from Financing

1,103,854,693

-2,324,549,462

-3,000,000,000

Increase/Decrease in Cash

3,115,736,828

7,025,778,006

1,841,941,291

Cash at the Beginning of Year

11,502,537,633

4,476,397,454

2,634,456,163

Cash at the End of Year

14,598,207,709

11,502,537,633

4,476,397,454

 

 

Products, Technologies, Services Description

 

Main Products & Services

Int’l Trading Division

Manufacturing Division

 

Lead ingots: Used in manufacturing Batteries for automotive and industrial purpose

Zinc ingots: Used in plating the steel sheets and the steel tubes.

 

 

Trade Partners & Competitors

 

Suppliers

YOUNGPOONG CORPORATION(110111-0003824)

KOREA ZINC INC(110111-0168404)

KOREA NICKEL CORP.(110111-0529482)

Customers

YOUNGPOONG CORPORATION(110111-0003824)

KOREA ZINC INC(110111-0168404)

YOUNG POONG PRECISION CORPORATION(110111-0342496)

Competitors

SANGSHIN METALLIC CO., LTD.

4MA-402-2, SIHWA INDUSTRIAL COMPLEX, 701-3, SEONGGOK-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA

TEL:+82-31-499-4011  FAX:+82-31-499-4016

 

WONIL METAL CO., LTD.

133B-3L, NAMDONG INDUSTRIAL COMPLEX, 704-2, GOJAN-DONG, NAMDONG-GU, INCHEON, KOREA

TEL:+82-32-817-6101~7  FAX:+82-32-817-6108~9

 

HWAJIN METAL CO., LTD.

608B-28L, BANWOL INDUSTRIAL COMPLEX, 632-5, SEONGGOK-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA

TEL:+82-31-491-1125  FAX:+82-31-494-7489

 

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates-Domestic

YOUNGPOONG CORPORATION(110111-0003824)

KOREA ZINC INC(110111-0168404)

KOREA NICKEL CORP.(110111-0529482)

YOUNG POONG PRECISION CORPORATION(110111-0342496)

KOREA CIRCUIT CO., LTD(130111-0026749)

INTERFLEX CO., LTD.(135011-0042924)

YOUNG POONG ELECTRONICS CO., LTD.(135011-0032106)

TERRANIX CO., LTD(135011-0042950)

YOUNG POONG DEVELOPMENT CO., LTD(110111-0612914)

YOOMI DEVELOPMENT CO., LTD.(110111-0235542)

KORYO HEAVY EQUIPMENT CO., LTD.(181211-0020558)

SORIN YUTONG CO., LTD.(150111-0000012)

YOUNG POONG BOOK STORE CO., LTD.(110111-0855530)

SORIN I & T CO., LTD.(110111-1260077)

KORYO ENERGY CO., LTD.(181211-0022421)

SYSTEMS TECHNOLOGY INCORPORATED(134611-0009460)

CLEAN KOREA CO., LTD.(134711-0004996)

SIGNETICS CORP(110111-0070815)

KG ENGINEERING CO., LTD.(110111-2102153)

ALANTUM CORPORATION(131111-0215078)

Affiliates-Overseas

COLWELL KENNEDY AUSTRALIA PTY., LTD.

Subsidiary

KZ ENVIROTECH CORP.(134811-0204636)

 

SORIN INVESTMENT DEVELOPMENT CORPORATION(110111-0074544)

(100.0% held by the subject company)

 

KZI SINGAPORE PTE. LTD.(SINGAPORE)

(99.0% held by the subject company)

 

PT. KZI INDONESIA

Corporate Ownership

KOREA ZINC INC(110111-0168404)

YOUNGPOONG CORPORATION(110111-0003824)

Major Shareholders

 

Cooperative Enterprise

-Insured Company

HANWHA NON-LIFE INSURANCE CO., LTD.(110111-0006456)

SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078)

 

 

Sales by Region (Activity & Markets)

 

Sales/ Unit : KRW

2010

2009

2008

Export

238,073,110,682

292,505,953,800

275,919,113,117

Domestic

148,967,017,096

124,995,561,644

133,431,701,716

Others

227,410,655

201,822,199

131,475,122

Total

387,267,538,433

417,703,337,643

409,482,289,955

 

The subject deals with the companies in Taiwan, India, Indonesia, Philippines, Vietnam and USA.

 

 

Court Action

 

No.

 

 

News Clipping

---

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.25

UK Pound

1

Rs.101.92

Euro

1

Rs.80.70

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

TPT

 

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.