|
Report Date : |
28.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
SIS CORPORATION |
|
|
|
|
Registered Office : |
3, Nonggongdanji 3-gil, Buk-gu, Ulsan, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
3.1.12.2013 |
|
|
|
|
Date of Incorporation : |
25.10.2004 |
|
|
|
|
Com. Reg. No.: |
610-81- 74351 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares Venture Business |
|
|
|
|
Line of Business : |
Manufacture of Industrial Robots |
|
|
|
|
No. of Employees : |
55 |
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 : |
Exist |
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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
SIS CORPORATION |
|
Registered Address |
3, Nonggongdanji 3-gil, Buk-gu, Ulsan, Korea |
|
Zip Code |
683-470 |
|
Tel |
+82-52-245-5390 |
|
Fax |
+82-70-4126-5392 |
|
E-mail |
sales@sisinc.co.kr |
|
Website |
www.sisinc.co.kr |
|
Trading Address |
3, Nonggongdanji 3-gil, Buk-gu, Ulsan, Korea (Old Address System : 208-6, Dalcheon-dong, Buk-gu, Ulsan, Korea) |
|
Tel |
+82-52-245-5390 |
|
Fax |
+82-70-4126-5392 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Industrial Robots |
|
Main Business |
Laser Welding Inspection System, Gentry Robot, System Engineering,
Factory Automation Systems |
|
Established (mm/dd/yyyy) |
10/25/2004 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Welding robots(23153204) |
|
Sell |
Laser welding machinery(23171521) |
CEO’s
|
Name |
Shin In-Seung |
|
Address |
Suite 101-402, 1860, Sinjeong-dong,
Nam-gu, Ulsan, Korea |
|
Date of Birth |
02/07/1963 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
870,000,000 |
|||||||||||||||
|
Employees |
55 |
|||||||||||||||
|
Formation |
Co., Ltd by Shares Venture Business |
|||||||||||||||
|
Bank Details |
Industrial Bank of Korea Korea Exchange Bank Woori Bank |
|||||||||||||||
|
Corporate Registered No. |
230111-0107233 |
|||||||||||||||
|
Business Registered No. |
610-81- 74351 |
|||||||||||||||
|
Permit & Licenses |
05/2006 ISO 9001 05/2010 ISO 9001 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
10/25/2004 Incorporated as the present name 06/26/2007 Designated as a Venture Business 12/2007 Designated as an INNO-BIZ Company 12/29/2008 Increased the authorized shares to 240,000 KRW from 80,000
shares 05/30/2009 Increased capital to 820,000,000 KRW from 600,000,000 KRW 06/23/2011 Designated as a Venture Business
again 12/27/2012 Increased capital to 870,000,000
KRW from 820,000,000 KRW |
|||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Shin In-Seung |
Male |
Korean |
03/31/2009 |
|
Auditor |
M/S. |
Kim Mi-Ran |
Female |
Korean |
03/31/2009 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
21,412,715,124 |
20,397,263,365 |
418,303,596 |
|
|
2012 |
23,371,888,770 |
20,816,652,139 |
209,900,305 |
|
2011 |
16,723,143,140 |
14,125,444,873 |
298,700,716 |
|
2010 |
14,076,297,991 |
10,399,816,926 |
166,508,512 |
|
2009 |
8,622,000,000 |
|
364,000,000 |
|
2008 |
11,720,000,000 |
|
448,000,000 |
Financial
Description
|
Authorized Capital(KRW) |
1,200,000,000 |
|
Paid-Up Capital(KRW) |
820,000,000 |
|
Total Issued Shares |
164,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
20,397,263,365 |
20,816,652,139 |
14,125,444,873 |
|
Current Assets |
10,310,965,532 |
12,771,411,250 |
6,971,802,320 |
|
-Quick Assets |
9,626,882,334 |
11,587,237,213 |
6,190,429,239 |
|
-Inventories |
684,083,198 |
1,184,174,037 |
781,373,081 |
|
Fixed Assets |
10,086,297,833 |
8,045,240,889 |
7,153,642,553 |
|
-Investment |
169,374,720 |
232,700,566 |
301,749,888 |
|
-Tangibles |
8,489,096,210 |
6,310,887,394 |
5,598,069,123 |
|
-Intangibles |
18,960,571 |
21,602,242 |
20,732,629 |
|
-Others |
1,408,866,332 |
1,480,050,687 |
1,233,090,913 |
|
Total Liabilities |
16,705,747,380 |
17,543,439,750 |
11,278,559,369 |
|
Current Liabilities |
13,470,141,011 |
17,210,119,750 |
11,027,602,566 |
|
Fixed Liabilities |
3,235,606,369 |
333,320,000 |
250,956,803 |
|
Capital Stock |
870,000,000 |
870,000,000 |
820,000,000 |
|
Capital Surplus |
1,093,993,091 |
1,093,993,091 |
877,993,091 |
|
Profit Surplus |
|
|
|
|
Capital Adjustment |
1,727,522,894 |
1,309,219,298 |
1,148,892,413 |
|
Total Equity |
|
|
|
|
Liab. & Shareholder’s Equity |
3,691,515,985 |
3,273,212,389 |
2,846,885,504 |
|
Current Liabilities |
13,470,141,011 |
17,210,119,750 |
11,027,602,566 |
|
Trade Payables |
4,427,631,613 |
6,122,380,317 |
4,402,415,774 |
|
Unearned Income |
42,902,680 |
391,701,922 |
187,514,657 |
|
Account Payables |
1,046,718,450 |
1,363,257,104 |
1,416,629,319 |
|
Advance Receipts |
199,527,092 |
1,580,846,687 |
562,355,908 |
|
Withholdings |
97,039,921 |
62,336,251 |
47,719,561 |
|
Accrued Expenses |
153,957,121 |
109,533,252 |
12,091,377 |
|
Accrued Income Tax |
32,126,903 |
9,809,583 |
16,669,890 |
|
VAT Withhold |
- |
229,298,643 |
- |
|
Short-Term Borrowings |
5,199,127,565 |
5,408,170,369 |
1,939,406,080 |
|
Current Portion of Long-Term Debts |
2,183,380,000 |
1,899,960,000 |
2,442,800,000 |
|
Provisions for Construction Losses |
87,729,666 |
32,825,622 |
|
|
Fixed Liabilities |
3,235,606,369 |
333,320,000 |
250,956,803 |
|
Long-Term Borrowings |
3,167,932,000 |
333,320,000 |
133,280,000 |
|
Provision for Severance & Retirement |
206,796,854 |
86,918,476 |
130,902,162 |
|
Provision for Construction Loss |
|
|
8,357,025 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
21,412,715,124 |
23,371,888,770 |
16,723,143,140 |
|
Cost of Sold Goods |
16,522,192,770 |
19,494,324,859 |
13,179,256,304 |
|
Gross Profit |
4,890,522,354 |
3,877,563,911 |
3,543,886,836 |
|
Selling & Admin. Expenses |
4,272,885,193 |
3,595,897,959 |
3,023,852,353 |
|
Operating Income |
617,637,161 |
281,665,952 |
520,034,483 |
|
Non-Operating Income |
1,009,833,711 |
667,612,805 |
99,052,617 |
|
Non-Operating Expenses |
1,167,249,983 |
716,896,619 |
288,256,349 |
|
Income Before Taxes |
460,220,889 |
232,382,138 |
330,830,751 |
|
Income Taxes Expenses |
41,917,293 |
22,481,833 |
32,130,035 |
|
Net Income |
418,303,596 |
209,900,305 |
298,700,716 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from Operating |
-6,744,096,345 |
3,451,098,959 |
1,413,060,165 |
|
-Net Income |
418,303,596 |
209,900,305 |
298,700,716 |
|
-Exp. without Cash Outflow |
1,201,777,818 |
904,263,999 |
784,001,360 |
|
-Revenue without Cash Inflows |
-532,163,896 |
-20,988,051 |
-13,907,710 |
|
-Changes in Asset/ & Liability |
-7,832,013,863 |
2,357,922,706 |
344,265,799 |
|
Cash Flows from Investing |
-2,286,626,807 |
-907,688,217 |
-2,896,523,164 |
|
-Cash Inflow from Investing |
3,834,976,120 |
3,642,852,582 |
981,314,930 |
|
-Cash Outflows for Investing |
-6,121,602,927 |
-4,550,540,799 |
-3,877,838,094 |
|
Cash Flows from Financing |
2,918,795,961 |
3,412,952,340 |
1,113,373,790 |
|
-Cash Inflows from Financing |
17,143,926,762 |
7,674,170,369 |
3,602,803,930 |
|
-Cash Outflows from Financing |
-14,225,130,801 |
-4,261,218,029 |
-2,489,430,140 |
|
Increase/Decrease in Cash |
-6,111,927,191 |
5,956,363,082 |
-370,089,209 |
|
Cash at the Beginning of Year |
6,211,757,967 |
255,394,885 |
625,484,094 |
|
Cash at the End of Year |
99,830,776 |
6,211,757,967 |
255,394,885 |
Products, Technologies,
Services Description
|
Main Products & Services |
Laser Welding Inspection System, Gentry Robot, System Engineering,
Factory Automation Systems |
Trade Partners
& Competitors
|
Competitors |
FANUC KOREA CORP. 39, UNGNAM-DONG, SEONGSAN-GU, CHANGWON-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-278-1200 FAX:+82-55-284-9826 ROBOSTAR CO., LTD. 119-38, SASA-DONG, SANGNOK-GU, ANSAN-SI,
GYEONGGI-DO, KOREA TEL:+82-31-400-3600 FAX:+82-31-419-4245 TKC CO., LTD. 4BA-504, SIHWA INDUSTRIAL COMPLEX, 748-3,
SEONGGOK-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-432-2121~4 FAX:+82-31-432-2125 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
POSCHEM CO., LTD.(KOREA) (31.40% held by the subject company) EPM SOLUTIONS CO., LTD.(230111-0105881) SR KOREA(KOREA) |
|
Cooperative Enterprise |
-Insured company DONGBU INSURANCE CO., LTD.(110111-0095285) |
Sales by Region
(Activity & Markets)
The Subject deals with the companies in
Germany and USA.
Court Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
Busan High Court |
|
The Subject Company |
Receivables |
150,000,000 |
Proceeding |
|
|
Daegu District Court |
|
The Subject Company |
Agreed Amount |
206,112,000 |
Proceeding |
|
|
Uijungbu District Court-Goyang Branch |
The Subject Company |
|
Receivables |
46,751,000 |
Proceeding |
|
|
Ulsan District Court |
The Subject Company |
|
Receivables |
76,000,000 |
Proceeding |
|
|
Ulsan District Court |
The Subject Company |
|
Claim for Compensation from Damages |
30,000,000 |
Proceeding |
|
|
Suwon District Court |
The Subject Company |
|
Receivables |
38,000,000 |
Proceeding |
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.