|
Report Date : |
10.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
SEAH METAL CO., LTD. |
|
|
|
|
Registered Office : |
280, Gongdan-ro, Seongsan-gu, Changwon-si, Gyeongsangnam-do, Korea 641-290 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
22.03.1994 |
|
|
|
|
Com. Reg. No.: |
608-81-19001 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Steel Wire. |
|
|
|
|
No. of Employees |
126 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
SEAH METAL CO., LTD. (Korean Company Name : “(주)세아메탈”) |
|
Registered
Address |
280, Gongdan-ro, Seongsan-gu, Changwon-si, Gyeongsangnam-do, Korea (Old Address System : 50, Ungnam-dong, Changwon-si,
Gyeongsangnam-do, Korea) |
|
Building |
|
|
Zip Code |
641-290 |
|
Tel |
+82-55-266-8777 |
|
Fax |
+82-55-283-7404 |
|
E-mail |
nkr5503@seahmetal.com;yjcho@seahmetal.com;hanth@seahmetal.com |
|
Website |
www.seahmetal.com |
|
Trading Address |
24FL., Seah Tower, 45, Yanghwa-ro, Mapo-gu, Seoul, Korea (Old Address System : 24FL., Seah Tower, 490, Seogyo-dong, Mapo-gu, Seoul, Korea) |
|
Tel |
+82-2-6970-0355 |
|
Fax |
+82-2-6970-0347 |
|
Other Address-Haman Factory |
465-4, Pasu-ri, Haman-myeon, Haman-gun, Gyeongsangnam-do, Korea |
|
Tel |
+82-55-585-0569 |
|
Fax |
+82-55-585-7011 |
|
Other Address-Wonju Factory |
1132, Chuibyeong-ri, Munmak-eup, Wonju-si, Gangwon-do,
Korea |
|
Tel |
+82-33-731-8500 |
|
Fax |
+82-33-731-8511 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Steel Wire |
|
Main Business |
Stainless Steel Wire, Special Steel Wire, Spring Wire,
Non-magnetic stainless steel, Re-drawing Wire, Free-Cutting Wire, Heat &
corrosion-resistant Wire, Welding Wire, Rack Bar |
|
Sub Business |
|
|
Established
(mm/dd/yyyy) |
03/22/1994 |
The Subject owns
the premises of Haman Factory and Wonju Factory.
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Mechanical wire(31151800) |
|
Sell |
Steel(11101704) |
CEO’s
|
Name |
Park Eui-Sook |
|
Address |
|
|
Date of Birth |
101/4/1946 |
|
Title |
Co-President & CEO |
|
Sex |
Female |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
12,430,000,000 |
||||||||||||
|
Employees |
126 |
||||||||||||
|
Formation |
Co., Ltd by shares A Company of Seah Group |
||||||||||||
|
Bank Details |
Shinhan Bank Woori Bank Citibank,
Korea |
||||||||||||
|
Corporate
Registered No. |
194311-0003292 |
||||||||||||
|
Business
Registered No. |
608-81-19001 |
||||||||||||
|
Permit &
Licenses |
04/07/1999 ISO 9001 by DNV Int’l Trade No.: 2400554 |
||||||||||||
|
Shareholder
Position |
|
||||||||||||
|
Company
History |
03/22/1994
Incorporated as SEAH GUMSOK CO., LTD. 03/01/2000
Changed company name to the present name 11/30/2000
Awarded US$10 Million Export Top Prize 05/10/2001
Listed at KOSDAQ Market 12/20/2004
Unlisted from KOSDAQ Market 04/25/2006
Changed par value to 5,000 KRW from 500 KRW 09/26/2008
Changed par value to 100,000 KRW from 5,000 KRW |
||||||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Nationality |
Date of Birth |
Education/Career |
|
Co-President & CEO |
M/S. |
Park Eui-Sook |
Korean |
1946.10.14 |
Yonsei
University, Korea |
|
Co-President & CEO |
Mr. |
Cho Young-Ho |
Korean |
- |
Ex. President
of Dong Kwang Kiyeon Co., Ltd. |
|
Director |
Mr. |
Lee Tae-Sung |
Korean |
1978.08 |
Director of
Seah Holdings |
|
Director |
Mr. |
Lee Seung-Hui |
Korean |
1950.02.04 |
CEO of SeAH
Special Steel |
|
Auditor |
Mr. |
Han Jin-Ki |
Korean |
1961.10 |
Seah Holdings |
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
56,074,560,069 |
78,458,402,590 |
1,013,439,821 |
|
|
(*)2012 |
81,018,355,790 |
76,153,402,104 |
507,632,307 |
|
(*)2011 |
87,400,355,856 |
60,778,728,966 |
1,676,765,385 |
|
(*)2010 |
81,991,495,620 |
48,718,228,448 |
3,764,956,657 |
|
2009 |
58,919,963,903 |
40,526,899,597 |
217,257,019 |
|
2008 |
78,833,397,202 |
46,138,013,830 |
-718,935,661 |
|
2007 |
76,929,641,685 |
45,375,220,010 |
1,237,470,242 |
|
2006 |
59,280,549,923 |
39,262,038,492 |
1,581,763,976 |
|
2005 |
54,324,999,374 |
37,929,958,844 |
1,006,748,200 |
|
2004 |
53,805,909,722 |
36,122,563,931 |
2,199,728,623 |
|
2003 |
31,095,780,788 |
26,497,971,323 |
835,011,048 |
(*)Figures are based on the K-IFRS
Accounting System.
Financial Description
|
Authorized
Capital(KRW) |
16,000,000,000 |
|
Paid-Up
Capital(KRW) |
12,430,000,000 |
|
Total Issued
Shares |
124,300 |
|
Balance Sheet |
|||
|
Unit : Korean
Won |
01/01/2013~09/30/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total
Assets |
78,458,402,590 |
76,153,402,104 |
60,778,728,966 |
|
Current
Assets |
35,920,081,494 |
34,883,015,900 |
37,673,608,957 |
|
Cash
& Cash Equivalents |
377,349,654 |
331,496,068 |
244,656,196 |
|
Trade
Receivables & Other Receivables |
24,301,053,121 |
21,381,933,245 |
22,219,457,504 |
|
Current
Financial Instruments |
- |
224,000,000 |
1,325,000,000 |
|
Other
Current Assets |
151,861,183 |
145,694,533 |
68,929,625 |
|
Income
Taxes |
- |
- |
132,664,903 |
|
Inventories |
11,089,817,536 |
12,799,892,054 |
13,682,900,729 |
|
Non-Current
Assets |
42,538,321,096 |
41,270,386,204 |
23,105,120,009 |
|
Tangibles |
41,231,658,517 |
40,395,201,590 |
22,609,024,556 |
|
Intangibles |
7,956,300 |
7,956,300 |
15,304,117 |
|
Long-Term
Trade Receivables & Other Receivables |
210,624,000 |
199,996,000 |
273,954,000 |
|
Other
Finance Assets |
344,762,361 |
157,503,060 |
206,837,336 |
|
Deferred
Income Tax |
743,319,918 |
509,729,254 |
- |
|
Total
Liabilities |
49,763,831,749 |
48,462,449,633 |
38,321,071,041 |
|
Current
Liabilities |
33,004,035,636 |
28,825,034,119 |
34,695,494,471 |
|
Trade
Payables & Other Payables |
8,299,350,787 |
7,566,946,649 |
7,333,647,281 |
|
Short-Term
Borrowings |
24,237,950,977 |
20,869,264,555 |
26,948,745,420 |
|
Accrued
Income Tax |
421,742,499 |
97,295,596 |
- |
|
Other
Current Liabilities |
44,991,373 |
291,527,319 |
413,101,770 |
|
Non-Current
Liabilities |
16,759,796,113 |
19,637,415,514 |
3,625,576,570 |
|
Long-Term
Borrowings |
15,570,065,153 |
19,102,365,153 |
3,000,000,000 |
|
Confirmed
Salaries |
1,189,730,960 |
535,050,361 |
547,000,125 |
|
Deferred
Income Tax Credit |
- |
- |
78,576,445 |
|
Capital
Stock |
12,430,000,000 |
12,430,000,000 |
7,430,000,000 |
|
Capital
Surplus |
1,692,380,555 |
1,692,380,555 |
1,719,586,185 |
|
Profit
Surplus |
14,572,190,286 |
13,568,571,916 |
13,308,071,740 |
|
Total Equity |
28,694,570,841 |
27,690,952,471 |
22,457,657,925 |
|
Liab. &
Shareholder’s Equity |
78,458,402,590 |
76,153,402,104 |
60,778,728,966 |
|
Income Statement |
|||
|
Unit : Korean
Won |
01/01/2013~09/30/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
56,074,560,069 |
81,018,355,790 |
87,400,355,856 |
|
Cost
of Sold Goods |
51,901,043,648 |
77,823,761,528 |
82,454,241,822 |
|
Gross
Profit |
4,173,516,421 |
3,194,594,262 |
4,946,114,034 |
|
Selling
& Admin. Expenses |
1,757,702,232 |
2,755,781,254 |
2,955,394,732 |
|
Operating
Income |
2,415,814,189 |
438,813,008 |
1,990,719,302 |
|
Other
Income |
365,125,635 |
1,501,742,971 |
1,148,357,608 |
|
Other
Expenses |
77,437,975 |
325,275,058 |
167,511,228 |
|
Finance
Income |
260,837,978 |
802,636,033 |
759,764,929 |
|
Finance
Expenses |
1,558,566,327 |
2,260,220,445 |
2,124,715,525 |
|
Income
Before Taxes |
1,405,773,500 |
157,696,509 |
1,606,615,086 |
|
Income
Taxes Expenses |
392,333,679 |
-349,935,798 |
-70,150,299 |
|
Net
Income |
1,013,439,821 |
507,632,307 |
1,676,765,385 |
|
Cash Flows |
|||
|
Unit : Korean
Won |
01/01/2013~09/30/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Operating
Activities Cash Flows |
2,653,181,077 |
2,560,606,054 |
-3,599,183,875 |
|
Net
Income |
1,013,439,821 |
507,632,307 |
1,676,765,385 |
|
Adjustment |
3,883,416,099 |
3,177,016,865 |
3,009,904,123 |
|
Changes
in Asset/ & Liability |
-710,808,641 |
592,812,624 |
-6,471,329,380 |
|
Interests
Received |
35,294,886 |
121,965,491 |
111,436,457 |
|
Interests
Paid |
-1,269,453,802 |
-1,900,115,766 |
-1,238,167,663 |
|
Income
Taxes |
-298,707,286 |
61,294,533 |
-687,792,797 |
|
Cash
Flows from Investing |
-2,586,403,063 |
-17,550,001,857 |
-7,924,123,352 |
|
Cash
Inflow from Investing |
271,679,658 |
5,673,913,110 |
978,195,950 |
|
Cash
Outflows for Investing |
-2,858,082,721 |
-23,223,914,967 |
-8,902,319,302 |
|
Cash
Flows from Financing |
-21,782,968 |
15,075,417,528 |
11,629,585,765 |
|
Cash
Inflows from Financing |
158,325,168,077 |
391,188,343,382 |
363,189,850,854 |
|
Cash
Outflows from Financing |
-158,346,951,045 |
-376,112,925,854 |
-351,560,265,089 |
|
Increase/Decrease
in Cash |
44,995,046 |
86,021,725 |
106,278,538 |
|
Cash
at the Beginning of Year |
331,496,068 |
244,656,196 |
138,377,618 |
|
Cash
at the End of Year |
377,349,654 |
331,496,068 |
244,656,196 |
Products,
Technologies, Services Description
|
Main Products
& Services |
STAINLESS
STEEL WIRE BUSINESS -Weaving Wires -Spring
Stainless Steel Wire -Super-Hard
& Non-Magnetic Stainless Steel Wire -Free-Cutting
Stainless Steel Wire -Re-Drawing
Wire -Heat-Resistance
and Corrosion - Resistance Alloy Steel Wire AUTOMOTIVE
PARTS BUSINESS -Rack Bar Brand Name :
SMP |
||||||||||||
|
Annual
Production Capacity (Unit: Ton/ Thousand EA) |
|
||||||||||||
|
Technologies
Acquired |
|
Trade Partners &
Competitors
|
Suppliers |
POSCO
SPECIALTY STEEL CO., LTD.(194211-0025248) SEAH SPECIAL
STEEL CO., LTD.(174611-0005478) |
|
Customers |
MANDO
CORPORATION(131311-0030042) |
|
Competitors |
POSCO
SPECIALTY STEEL CO., LTD. 65,
SINCHON-DONG, CHANG-WON-SI, GYEONGSANGNAM-DO, KOREA TEL:+82-55-269-6114 FAX:+82-55-269-6901 KISWIRE LTD. 475, MANGMI
2-DONG, SUYEONG-GU, BUSAN, KOREA TEL:+82-51-760-1700 FAX:+82-51-757-7379 HANKUK STEEL
WIRE CO., LTD. 370-34,
SINPYEONG 1-DONG, SAHA-GU, BUSAN, KOREA TEL:+82-51-202-1991 FAX:+82-51-205-1551 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates-Domestic |
SEAH HOLDINGS
CORP(110111-2276809) SEAH BESTEEL
CORPORATION(110111-0035794) SEAH SPECIAL
STEEL CO., LTD.(174611-0005478) KANG NAM CITY
GAS CO., LTD.(110111-0385199) KOREA BUNDY
CORP.(134711-0001266) ESAB SEAH
CORP.(180111-0059047) SEAH LOGISTICS
CORP.(151111-0000847) SEAH ENT CO.,
LTD(110111-0740707) SEAH INVESTMENT
DEVELOPMENT CO., LTD(120111-0039489) SEAH
COMMUNICATIONS CO., LTD.(110111-0862519) SEAH
INFORMATION SYSTEM CO., LTD.(110111-0613855) DREAMLINE
CORPORATION(110111-1447021) SEAH TECHNICS
CO., LTD.(110111-1243875) SEAH SOLAR
SYSTEMS CO., LTD.(110111-3788655) SEAH STEEL CORPORATION(110111-0118996) SEDAE STEEL CO.,LTD.(110111-2792392) HAIDUK CORPORATION(110111-0038011) HOYEON TOURIST LEISURE INDUSTRY CO., LTD.(131411-0176612) HAIDUK STEEL CO.,LTD.(110111-2121145) SEAH BNK CO.,LTD.(135111-0084924) WOOJIN PRECISION CORP.(131311-0029293) |
|
Affiliates-Overseas |
SEAH STEEL
AMERICA, INC. STATE PIPE
& SUPPLY, INC. SEAH JAPAN
CO., LTD. VIETNAM STEEL
PIPE CO., LTD. SEAH STEEL
VINA CORP. LANDMARK STEEL
CORP. SEAH STEEL
CALIFORNIA, LLC. SEAH STEEL UAE
LLC. |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas
Branch |
|
|
Joint Venture |
|
|
Subsidiary |
SEAH MOTOR
PARTS CO., LTD.(CHINA) (100.0% held
by the subject company) |
|
Corporate
Ownership |
SEAH HOLDINGS
CORP(110111-2276809) |
|
Major
Shareholders |
SEAH HOLDINGS
CORP(110111-2276809) |
|
Cooperative
Enterprise |
-Insured
Company DONGBU
INSURANCE CO., LTD.(110111-0095285) |
Sales by Region
(Activity & Markets)
|
Sales/ Unit
:Mil KRW |
09/2013 |
2012 |
2011 |
|
Export |
7,063 |
14,333 |
22,645 |
|
Domestic |
49,012 |
66,685 |
64,755 |
|
Total |
56,075 |
81,018 |
87,400 |
The Subject
exports to Japan, South East Asia and Europe.
Court Action
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.20 |
|
|
1 |
Rs.99.52 |
|
Euro |
1 |
Rs.80.83 |
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.