|
Report Date : |
12.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
SPL CO., LTD. |
|
|
|
|
Registered Office : |
399, Chupal-ri, Paengseong-eup, Pyeongtaek-si, Gyeonggi-do, Korea |
|
|
|
|
Country : |
Korea (South) |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
22.08.2000 |
|
|
|
|
Com. Reg. No.: |
125-81-33911 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Fresh or Frozen Bakery Products |
|
|
|
|
No. of Employees : |
56 |
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) |
|
Korea (South) |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
KOREA (SOUTH) - 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 |
SPL CO., LTD. |
|
Registered Address |
399, Chupal-ri, Paengseong-eup, Pyeongtaek-si, Gyeonggi-do, Korea |
|
Building |
Chupal Industrial Complex |
|
Zip Code |
451-805 |
|
Tel |
+82-31-650-8000 |
|
Fax |
+82-31-650-8015 |
|
E-mail |
shcho@paris.co.kr |
|
Trading Address |
157, Chupalsandan 1-gil, Paengseong-eup, Pyeongtaek-si, Gyeonggi-do,
Korea (Old Address System : Chupal Industrial Complex, 399, Chupal-ri,
Paengseong-eup, Pyeongtaek-si, Gyeonggi-do, Korea) |
|
Tel |
+82-31-650-8000 |
|
Fax |
+82-31-650-8015 |
|
Other Address-Branch |
18, Sagimakgol-ro 31beon-gil, Jungwon-gu, Seongnam-si, Gyeonggi-do,
Korea |
|
Type |
Export/Import |
|
Industry |
Manufacture of Fresh or Frozen Bakery Products |
|
Main Business |
Bread, Cookies, Cake, Instant Food, Noodle, Ice Cream, Food Additives,
Beverage |
|
Established (mm/dd/yyyy) |
08/22/2000 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Bread and biscuits and cookies(50181900) |
CEO’s
|
Name |
Jung Tae-Soo |
|
Address |
Suite 117-102, 275, Banpo-daero, Seocho-gu,
Seoul, Korea |
|
Date of Birth |
12/12/1955 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
10,000,000,000 |
|||||||||
|
Employees |
56 |
|||||||||
|
Formation |
Co., Ltd by Shares A Company of SPC GROUP |
|||||||||
|
Bank Details |
SC First Bank of Korea Shinhan Bank Hana Bank Korea Exchange Bank Nonghyup Bank |
|||||||||
|
Corporate Registered No. |
131311-0033129 |
|||||||||
|
Business Registered No. |
125-81-33911 |
|||||||||
|
Permit & Licenses |
Int’l Trade No.: 45191828 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
08/22/2000 Incorporated as the present name 04/13/2004 Increased the authorized shares
to 2,000,000 shares from 200,000 shares 04/27/2011 Increased capital to
10,000,000,000 KRW from 5,000,000,000 KRW |
|||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Jung Tae-Soo |
Male |
Korean |
03/18/2013 |
|
Director |
Mr. |
Hur Jin-Soo |
Male |
Korean |
01/28/2005 |
|
Director |
Mr. |
Jung Hyo-Hwan |
Male |
Korean |
03/16/2005 |
|
Director |
Mr. |
Hur Hee-Soo |
Male |
Korean |
03/26/2008 |
|
Director |
M/S. |
Lee Mi-Hyang |
Female |
Korean |
03/26/2011 |
|
Director |
Mr. |
Hur Young-In |
Male |
Korean |
03/26/2012 |
|
Director |
Mr. |
Lee Myung-Koo |
Male |
Korean |
03/26/2012 |
|
Auditor |
Mr. |
Seo Byung-Bae |
Male |
Korean |
10/11/2012 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
251,261,117,118 |
162,810,835,776 |
5,934,322,967 |
|
|
2012 |
253,342,389,426 |
163,917,507,086 |
6,157,598,345 |
|
2011 |
249,459,828,696 |
163,569,055,170 |
5,715,545,719 |
|
2010 |
197,420,048,363 |
152,305,671,285 |
5,431,638,622 |
|
2009 |
149,548,701,335 |
119,651,802,203 |
2,098,034,823 |
Financial
Description
|
Authorized Capital(KRW) |
20,000,000,000 |
|
Paid-Up Capital(KRW) |
10,000,000,000 |
|
Total Issued Shares |
1,000,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
162,810,835,776 |
163,917,507,086 |
163,569,055,170 |
|
Current Assets |
28,946,464,474 |
29,802,399,364 |
24,625,844,211 |
|
-Quick Assets |
12,334,221,294 |
7,820,798,777 |
7,904,262,945 |
|
-Inventories |
16,612,243,180 |
21,981,600,587 |
16,721,581,266 |
|
Fixed Assets |
133,864,371,302 |
134,115,107,722 |
138,943,210,959 |
|
-Investment |
4,500,000 |
4,500,000 |
4,500,000 |
|
-Tangibles |
133,610,690,868 |
133,954,916,887 |
138,777,399,723 |
|
-Intangibles |
19,184,657 |
35,690,835 |
41,311,236 |
|
-Others |
229,995,777 |
120,000,000 |
120,000,000 |
|
Total Liabilities |
110,215,351,861 |
117,256,346,138 |
123,015,287,567 |
|
Current Liabilities |
76,435,431,456 |
43,919,520,348 |
116,010,735,001 |
|
Fixed Liabilities |
33,779,920,405 |
73,336,825,790 |
7,004,552,566 |
|
Capital Stock |
10,000,000,000 |
10,000,000,000 |
10,000,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
26,772,226,208 |
20,837,903,241 |
14,730,509,896 |
|
Capital Adjustment |
15,823,257,707 |
15,823,257,707 |
15,823,257,707 |
|
Total Equity |
52,595,483,915 |
46,661,160,948 |
40,553,767,603 |
|
Liab. & Shareholder’s Equity |
162,810,835,776 |
163,917,507,086 |
163,569,055,170 |
|
Current Liabilities |
76,435,431,456 |
43,919,520,348 |
116,010,735,001 |
|
Trade Payables |
20,223,431,630 |
22,393,611,285 |
31,646,378,039 |
|
Short-Term Borrowings |
28,000,000,000 |
10,000,000,000 |
66,000,000,000 |
|
Current Portion of Long-Term Debts |
20,000,000,000 |
- |
|
|
Account Payables |
2,376,782,942 |
3,128,806,049 |
12,291,710,567 |
|
Accrued Expenses |
4,562,980,285 |
5,013,733,116 |
3,422,016,905 |
|
Withholdings |
867,332,778 |
2,539,089,030 |
2,072,937,630 |
|
Deferred Income Tax Credit |
404,903,821 |
844,280,868 |
577,691,860 |
|
Fixed Liabilities |
33,779,920,405 |
73,336,825,790 |
7,004,552,566 |
|
Long-Term Borrowings |
20,000,000,000 |
40,000,000,000 |
5,000,000,000 |
|
Debentures |
10,000,000,000 |
30,000,000,000 |
- |
|
Provision for Severance & Retirement |
5,273,974,360 |
4,076,589,123 |
2,581,402,415 |
|
Guarantee Deposit Withhold |
163,100,000 |
21,000,000 |
22,000,000 |
|
Deferred Income Tax Credit |
2,060,410,166 |
1,422,092,648 |
1,020,592,767 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
251,261,117,118 |
253,342,389,426 |
249,459,828,696 |
|
Cost of Sold Goods |
228,659,981,163 |
232,035,893,789 |
230,980,667,716 |
|
Gross Profit |
22,601,135,955 |
21,306,495,637 |
18,479,160,980 |
|
Selling & Admin. Expenses |
9,641,456,209 |
7,749,789,558 |
6,591,992,379 |
|
Operating Income |
12,959,679,746 |
13,556,706,079 |
11,887,168,601 |
|
Non-Operating Income |
10,784,609,566 |
423,918,314 |
322,825,805 |
|
Non-Operating Expenses |
16,158,588,237 |
6,492,788,705 |
5,559,990,278 |
|
Income Before Taxes |
7,585,701,075 |
7,487,835,688 |
6,650,004,128 |
|
Income Taxes Expenses |
1,651,378,108 |
1,330,237,343 |
934,458,409 |
|
Net Income |
5,934,322,967 |
6,157,598,345 |
5,715,545,719 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from Operating |
20,092,178,530 |
4,342,116,344 |
31,089,094,366 |
|
-Net Income |
5,934,322,967 |
6,157,598,345 |
5,715,545,719 |
|
-Exp. without Cash Outflow |
30,547,533,500 |
21,043,657,427 |
14,150,036,099 |
|
-Revenue without Cash Inflows |
-10,326,919,843 |
- |
-234,131 |
|
-Changes in Asset/ & Liability |
-6,062,758,094 |
-22,859,139,428 |
11,223,746,679 |
|
Cash Flows from Investing |
-18,213,958,715 |
-13,343,154,969 |
-37,139,039,065 |
|
-Cash Inflow from Investing |
6,190,867,200 |
- |
8,740,620 |
|
-Cash Outflows for Investing |
-24,404,825,915 |
-13,343,154,969 |
-37,147,779,685 |
|
Cash Flows from Financing |
-2,000,000,000 |
9,000,000,000 |
6,000,000,000 |
|
-Cash Inflows from Financing |
28,000,000,000 |
75,000,000,000 |
384,106,042,064 |
|
-Cash Outflows from Financing |
-30,000,000,000 |
-66,000,000,000 |
-378,106,042,064 |
|
Increase/Decrease in Cash |
-121,780,185 |
-1,038,625 |
49,944,699 |
|
Cash at the Beginning of Year |
172,617,723 |
173,656,348 |
223,601,047 |
|
Cash at the End of Year |
50,837,538 |
172,617,723 |
173,656,348 |
Products,
Technologies, Services Description
|
Main Products & Services |
Bread, Cookies, Cake, Instant Food, Noodle, Ice Cream, Food Additives,
Beverage |
Trade Partners
& Competitors
|
Customers |
PARIS CROISSANT CO., LTD.(110111-0508311) |
|
Competitors |
BORA CO., LTD. 4TH FL., DAEWON BLDG., 1006-17, DAECHI
3-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-538-3373 FAX:+82-2-538-0470 ALDENTE CO., LTD. 1130-5, BONGDEOK 2-DONG, NAM-GU, DAEGU,
KOREA TEL:+82-53-475-9990 YOUNG IN CORPORATION RM. 1108, KRANZ TECHNO, 5442-1, SANGDAEWON
1-DONG, JUNGWON-GU, SEONGNAM-SI, GYEONGGI-DO, KOREA TEL:+82-31-777-8766~8 FAX:+82-31-777-8769 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
SAMLIP GENERAL FOODS CO., LTD.( 110111-0090516) HONAM SHANY CO., LTD.(200111-0007041) MILDAWON.CO., LTD(161211-0002295) SANDFARM CO., LTD.(131111-0206324) SUNGILCHEMICAL.CO., LTD.(150111-0002125) EGG FARM CO., LTD.(KOREA) PARIS CROISSANT CO., LTD.(110111-0508311) B.R. KOREA.CO., LTD.(131111-0005693) SAMLIP GENERAL FOODS CO., LTD.(110111-0090516) SPL CO., LTD.(131311-0033129) SPC CO., LTD.(110111-1480584) SPC CAPITAL CO., LTD.(110111-3632894) SANDSMILE CO., LTD.(135511-0198090) SPC NETWORKS CO., LTD.(110111-3586471) HOJIN JIRISAN BOCHEON CO., LTD.(180111-0203983) S&S DAIRY CO., LTD.(110111-4698267) DAEKWNRYUNG CO., LTD.(145011-0011563) |
|
Corporate Ownership |
PARIS CROISSANT CO., LTD.(110111-0508311) |
|
Major Shareholders |
PARIS CROISSANT CO., LTD.(110111-0508311) |
|
Cooperative Enterprise |
-Insured Company LIG INSURANCE CO., LTD.(110111-0017859) |
Sales by Region
(Activity & Markets)
Not Available.
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.33 |
|
|
1 |
Rs.99.42 |
|
Euro |
1 |
Rs.80.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NNA |
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.