|
Report Date : |
19.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHANGSHIN STEEL CO., LTD. |
|
|
|
|
Registered Office : |
173, Saimdang-ro, Seocho-gu, Seoul, Korea, 3rd Fl., Seojeon Bldg., Zip Code 137-858 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.08.1994 |
|
|
|
|
Com. Reg. No.: |
119-81-16085 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
· Manufacturer of Pipes and Tubes of Non-cast Iron or Steel · Subject product range includes Stainless Steel Welded Tube & Round Tubes |
|
|
|
|
No. of Employees : |
98 |
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 – 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 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 |
|
Company Name |
CHANGSHIN STEEL
CO., LTD. (Korean Company Name : “(주)창신특수강”) |
|
Registered Address |
173, Saimdang-ro, Seocho-gu, Seoul, Korea |
|
Building |
3rd
Fl., Seojeon Bldg. |
|
Zip Code |
137-858 |
|
Tel |
+82-2-3472-3460 |
|
Fax |
+82-2-3472-3461 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
3rd Fl., Seojeon Bldg., 173, Saimdang-ro,
Seocho-gu, Seoul, Korea (Old Address System : 3rd Fl., Seojeon Bldg., 1330-9, Seocho 2-dong,
Seocho-gu, Seoul, Korea) |
|
Tel |
+82-2-3472-3460 |
|
Fax |
+82-2-3472-3461 |
|
Other
Address-Gyeongju Factory |
137, Gaegok-ri, Oedong-eup, Gyeongju-si, Gyeongsangbuk-do, Korea |
|
Tel |
+82-54-746-8090 |
|
Fax |
+82-54-746-8092 |
|
Type |
Export/Import |
|
Industry |
Manufacture
of Pipes and Tubes of Non-cast Iron or Steel |
|
Main Business |
Stainless
Steel Welded Tube & Round Tubes |
|
Established (mm/dd/yyyy) |
08/04/1994 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Stainless steel pipe(40142117) |
|
Name |
Chun
Chang-Il |
|
Address |
Suite 13-1203, 1331, Seocho-dong,
Seocho-gu, Seoul, Korea |
|
Date of Birth |
02/04/1940 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,500,000,000 |
||||||||||||||||||
|
Employees |
98 |
||||||||||||||||||
|
Formation |
Co.,
Ltd by Shares |
||||||||||||||||||
|
Bank Details |
Industrial Bank of Korea-Samseon Station
Branch SC First Bank of Korea Hana Bank |
||||||||||||||||||
|
Corporate Registered No. |
110111-1064073 |
||||||||||||||||||
|
Business Registered No. |
119-81-16085 |
||||||||||||||||||
|
Permit & Licenses |
12/23/2004 Single PPM 2006 ISO 9001 Int’l
Trade No.: 11087678 |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
08/04/1994 Incorporated as the present name 08/04/2000 Increased the authorized shares
to 200,000 shares from 40,000 shares 07/13/2006 Moved to the present HQ address
from 648, Yeoksam-dong, Gangnam-gu, Seoul, Korea 11/11/2009 Increased capital to 1,500,000,000 KRW
from 1,200,000,000 KRW |
||||||||||||||||||
|
|
|
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President
& CEO |
Mr. |
Chun
Chang-Il |
Male |
Korean |
08/04/2000 |
|
Director |
Mr. |
Ahn Byung-Man |
Male |
Korean |
03/16/1998 |
|
Director |
Mr. |
Jeon Yoon-Seok |
Male |
Korean |
04/16/2010 |
|
Auditor |
M/S. |
Lee Bong-Hee |
Female |
Korean |
08/04/1994 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
72,399,269,385 |
47,289,082,860 |
1,167,287,333 |
|
|
2011 |
69,950,054,905 |
44,525,015,766 |
2,265,075,144 |
|
2010 |
60,350,503,519 |
34,050,259,588 |
-1,159,482,129 |
|
2009 |
41,674,107,392 |
30,560,362,342 |
786,597,829 |
|
2008 |
42,742,368,756 |
26,229,321,966 |
1,644,230,696 |
|
2007 |
38,546,817,932 |
23,443,369,485 |
1,143,963,254 |
|
2006 |
32,001,773,826 |
18,910,484,156 |
1,513,641,001 |
|
Authorized Capital(KRW) |
2,000,000,000 |
|
Paid-Up Capital(KRW) |
1,500,000,000 |
|
Total Issues Shares |
150,000(Common
: 135,000 / Preferable : 15,000) |
Balance Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
47,289,082,860 |
44,525,015,766 |
34,050,259,588 |
|
Current Assets |
36,888,658,660 |
33,519,380,062 |
25,995,369,718 |
|
-Quick
Assets |
23,550,973,892 |
18,191,707,957 |
12,251,324,197 |
|
-Inventories |
13,337,684,768 |
15,327,672,105 |
13,744,045,521 |
|
Fixed
Assets |
10,400,424,200 |
11,005,635,704 |
8,054,889,870 |
|
-Investment |
1,447,872,651 |
1,090,012,181 |
1,086,518,089 |
|
-Tangibles |
8,704,404,608 |
9,625,469,374 |
6,628,360,536 |
|
-Intangibles |
248,146,941 |
290,154,149 |
340,011,245 |
|
Total Liabilities |
34,125,823,379 |
32,159,728,548 |
23,951,082,032 |
|
Current Liabilities |
28,911,889,550 |
25,471,747,726 |
20,290,142,430 |
|
Fixed Liabilities |
5,213,933,829 |
6,687,980,822 |
3,660,939,602 |
|
Capital Stock |
1,500,000,000 |
1,500,000,000 |
1,500,000,000 |
|
Capital Surplus |
2,243,734,800 |
2,243,734,800 |
2,243,734,800 |
|
Profit Surplus |
10,525,243,656 |
9,686,681,323 |
7,480,331,179 |
|
Capital Adjustment |
-1,174,253,333 |
-1,133,663,263 |
-1,124,888,423 |
|
Total Equity |
13,163,259,481 |
12,365,287,218 |
10,099,177,556 |
|
Liab. & Shareholder’s Equity |
47,289,082,860 |
44,525,015,766 |
34,050,259,588 |
|
Current Liabilities |
28,911,889,550 |
25,471,747,726 |
20,290,142,430 |
|
Trade
Payables |
8,854,204,612 |
14,967,004,027 |
10,277,484,429 |
|
Account
Payables |
455,570,704 |
167,483,160 |
164,618,194 |
|
Withholdings |
63,612,675 |
79,573,820 |
69,399,705 |
|
Advance Receipts |
1,004,688,417 |
- |
|
|
Current
Portion of Long-Term Debts |
2,978,847,591 |
1,913,273,697 |
1,590,514,000 |
|
Current
Portion of Debenture |
1,000,000,000 |
- |
|
|
Accrued
Income Tax |
69,060,672 |
226,181,616 |
433,095,349 |
|
Accrued
Expenses |
1,557,148,181 |
1,203,231,406 |
951,030,753 |
|
Short-Term
Borrowings |
12,928,756,698 |
6,915,000,000 |
4,804,000,000 |
|
Current
Portion of Debentures |
|
|
2,000,000,000 |
|
Fixed Liabilities |
5,213,933,829 |
6,687,980,822 |
3,660,939,602 |
|
Long-Term
Borrowings |
4,660,908,325 |
5,294,847,042 |
3,413,540,000 |
|
Debentures |
- |
1,000,000,000 |
- |
|
Provision
for Severance & Retirement |
1,314,246,789 |
1,115,534,056 |
831,010,700 |
|
Long-Term
Account Payables |
- |
19,355,380 |
52,663,540 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
72,399,269,385 |
69,950,054,905 |
60,350,503,519 |
|
Cost of Sold Goods |
64,022,163,388 |
61,855,281,377 |
53,376,343,474 |
|
Gross Profit |
8,377,105,997 |
8,094,773,528 |
6,974,160,045 |
|
Selling & Admin. Expenses |
5,159,804,697 |
4,987,365,747 |
3,928,578,726 |
|
Operating Income |
3,217,301,300 |
3,107,407,781 |
3,045,581,319 |
|
Non-Operating Income |
1,090,143,098 |
1,088,363,873 |
807,407,357 |
|
Non-Operating Expenses |
2,849,853,413 |
1,591,379,753 |
4,450,799,260 |
|
Income Before Taxes |
1,457,590,985 |
2,604,391,901 |
-597,810,584 |
|
Income Taxes Expenses |
290,303,652 |
339,316,757 |
561,671,545 |
|
Net Income |
1,167,287,333 |
2,265,075,144 |
-1,159,482,129 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Cash Flows from Operating |
-5,635,687,908 |
314,341,877 |
336,149,169 |
|
-Net Income |
1,167,287,333 |
2,265,075,144 |
-1,159,482,129 |
|
-Exp. without Cash Outflow |
3,138,594,060 |
2,242,860,620 |
5,359,652,054 |
|
-Revenue without Cash Inflows |
-243,412,219 |
-367,087,995 |
-57,748,686 |
|
-Changes in Asset/ & Liability |
-9,698,157,082 |
-3,826,505,892 |
-3,806,272,070 |
|
Cash Flows from Investing |
-468,664,437 |
-4,378,942,615 |
-686,554,647 |
|
-Cash Inflow from Investing |
647,963,001 |
918,142,099 |
640,528,224 |
|
-Cash Outflows for Investing |
-1,116,627,438 |
-5,297,084,714 |
-1,327,082,871 |
|
Cash Flows from Financing |
6,116,666,875 |
3,256,341,739 |
1,473,125,590 |
|
-Cash Inflows from Financing |
9,013,756,698 |
40,719,377,745 |
3,310,713,000 |
|
-Cash Outflows from Financing |
-2,897,089,823 |
-37,463,036,006 |
-1,837,587,410 |
|
Increase/Decrease in Cash |
12,314,530 |
-808,258,999 |
1,122,720,112 |
|
Cash at the Beginning of Year |
487,318,701 |
1,295,577,700 |
172,857,588 |
|
Cash at the End of Year |
499,633,231 |
487,318,701 |
1,295,577,700 |
|
Main Products & Services |
Stainless
Steel Welded Tube & Round Tubes |
|
Customers |
ITOCHU MARUBENI STEEL CO.,
LTD.(JAPAN) |
|
Competitors |
SEAH STEEL CORPORATION URI BLDG., 10, BONGNAEDONG 1-GA, JUNG-GU,
SEOUL, KOREA TEL:+82-2-3783-8114 FAX:+82-2-3783-8188 GANA STAINLESS STEEL CO., LTD. 1042, CHANGGOK-RI, PALTAN-MYEON,
HWASEONG-SI, GYEONGGI-DO, KOREA TEL:+82-31-352-4292 FAX:+82-31-354-1305~6 JINBANG STEEL KOREA CO., LTD. 605, HO-DONG, NAM-GU, POHANG-SI,
GYEONGSANGBUK-DO, KOREA TEL:+82-54-289-5700 FAX:+82-54-278-0421 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
KYUNG STEEL CO., LTD.(171211-0052115) (40.0% held by the subject company) |
|
Subsidiary |
CS AUTOMOTIVE TUBING INC.(CANADA) (100.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured company HEUNGKUK
FIRE & MARINE INSURANCE CO., LTD.(110111-0016728) |
(Activity & Markets)
Not Available.
No.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
UK Pound |
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.