|
Report Date : |
20.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
BSE CO., LTD. |
|
|
|
|
Formerly Known As : |
BOSUNG ELECTRONICS CO., LTD. |
|
|
|
|
Registered Office : |
193, Namdongseo-ro, Namdong-gu, Incheon, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
05.08.1987 |
|
|
|
|
Com. Reg. No.: |
130-81-19449 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Other Sound Equipment |
|
|
|
|
No of Employees : |
248 |
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 : |
Slow But Correct |
|
|
|
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
BSE CO., LTD. (English Company Name : BEST SOUND ELECTRONICS CO., LTD.) (Korean Company Name : “(주)비에스이”) |
|
Registered Address |
193, Namdongseo-ro, Namdong-gu, Incheon, Korea |
|
Building |
58B-4L, Namdong Industrial Complex |
|
Zip Code |
405-817 |
|
Tel |
+82-32-500-1700~7 |
|
Fax |
+82-32-554-6205~6 |
|
E-mail |
bse@bsecm.com |
|
Website |
www.bsecm.com |
|
Trading Address |
58B-4L, Namdong Industrial Complex, 193, Namdongseo-ro, Namdong-gu,
Incheon, Korea (Old Address System : 58B-4L, Namdong Industrial Complex, 626-3,
Gojan-dong, Namdong-gu, Incheon, Korea) |
|
Tel |
+82-32-500-1700~7 |
|
Fax |
+82-32-554-6205~6 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Other Sound Equipment |
|
Main Business |
Condenser Microphone |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
08/05/1987 |
The Subject owns the premises of registered
HQ address.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Microphones(52161520) |
CEO’s
|
Name |
Park Jin-Soo |
|
Address |
F-4104, 467-17, Dogok-dong,
Gangnam-gu, Seoul, Korea |
|
Date of Birth |
07/08/1940 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
3,000,000,000 |
|||||||||
|
Employees |
248 |
|||||||||
|
Formation |
Co., Ltd by shares A Company of BSE HOLDINGS CO., LTD.(110111-0944622) |
|||||||||
|
Bank Details |
Hana Bank Woori Bank |
|||||||||
|
Corporate Registered No. |
124311-0019847 |
|||||||||
|
Business Registered No. |
130-81-19449 |
|||||||||
|
Permit & Licenses |
N/A |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
08/05/1987 Incorporated as BOSUNG
ELECTRONICS CO., LTD. 1993 Acquired C-MIC Patent 03/16/2000 Changed company name to the
present name |
|||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Park Jin-Soo |
Male |
Korean |
04/14/2000 |
|
Director |
Mr. |
Park Hyo-Maeng |
Male |
Korean |
12/31/2004 |
|
Director |
Mr. |
Cho Sung-Koo |
Male |
Korean |
03/27/2012 |
|
Auditor |
Mr. |
Jeon Gye-Ik |
Male |
Korean |
03/27/2012 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2013 |
174,493,108,090 |
222,761,182,861 |
-2,990,247,834 |
|
2012 |
127,358,787,034 |
206,035,982,861 |
7,674,352,858 |
|
2011 |
124,205,881,571 |
185,902,728,219 |
-1,691,373,748 |
|
2010 |
146,793,014,667 |
185,395,458,274 |
3,421,774,605 |
|
2009 |
169,777,527,197 |
215,418,635,448 |
6,668,032,274 |
|
165,779,651,529 |
239,508,354,679 |
-47,052,907,483 |
|
|
2007 |
144,045,776,021 |
169,423,143,787 |
4,645,283,057 |
|
2006 |
155,175,310,545 |
143,630,053,085 |
10,651,238,483 |
|
2005 |
165,696,432,371 |
135,792,548,857 |
9,280,240,047 |
|
2004 |
138,361,534,541 |
113,948,253,632 |
19,135,950,533 |
|
Authorized Capital(KRW) |
25,000,000,000 |
|
Paid-Up Capital(KRW) |
3,000,000,000 |
|
Total Issued Shares |
6,000,000 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
222,761,182,861 |
206,035,982,861 |
185,902,728,219 |
|
Current Assets |
139,976,300,434 |
131,278,696,533 |
117,764,456,134 |
|
Cash & Cash
Equivalents |
2,643,176,619 |
1,321,631,580 |
2,450,556,766 |
|
Current Financial
Instruments |
27,661,838,550 |
36,778,555,550 |
40,839,931,326 |
|
Trade Receivables
& Other Receivables |
84,485,092,623 |
82,424,447,668 |
63,723,707,186 |
|
Inventories |
25,078,220,842 |
10,558,634,685 |
10,581,861,226 |
|
Deferred Income Tax
Assets |
107,971,800 |
195,427,050 |
168,399,630 |
|
Non-Current Assets |
82,784,882,427 |
74,757,286,328 |
68,138,272,085 |
|
Investment_Related
Companies |
40,334,487,573 |
34,979,911,494 |
31,042,473,370 |
|
Non-Current Financial
Instruments |
7,751,021,049 |
7,588,547,926 |
4,116,871,131 |
|
Investment_Real
Estates |
1,186,504,825 |
3,070,432,513 |
- |
|
Tangibles |
31,956,909,030 |
27,417,024,132 |
31,129,050,272 |
|
Intangibles |
1,429,433,691 |
1,701,370,263 |
1,849,877,312 |
|
Other Non-Current
Assets |
126,526,259 |
- |
- |
|
Total Liabilities |
129,857,600,092 |
110,404,092,998 |
97,648,092,033 |
|
Current Liabilities |
115,591,385,231 |
104,150,311,483 |
95,270,430,295 |
|
Other Current
Liabilities |
115,375,744,779 |
103,903,827,172 |
94,878,810,181 |
|
Held-to-Maturity
Financial Liabilities |
- |
- |
6,507,493,899 |
|
Trade Payables |
30,841,026,518 |
31,388,223,318 |
21,579,000,289 |
|
Account Payables |
2,147,095,379 |
5,000,763,975 |
4,476,693,155 |
|
Accrued Expenses |
1,228,155,598 |
1,034,008,853 |
948,070,475 |
|
Short-Term Borrowings |
80,686,284,821 |
66,127,967,734 |
44,407,280,016 |
|
Current Portion of
Long-Term Debts |
- |
- |
1,108,609,624 |
|
Advance Receipts |
72,464,434 |
4,120,693 |
15,721,297,113 |
|
Withholdings |
400,718,029 |
348,742,599 |
130,365,610 |
|
Current Portion of
Provisions |
215,640,452 |
246,484,311 |
391,620,114 |
|
Provision for
Severance & Retirement |
193,672,850 |
175,453,480 |
287,681,770 |
|
Provision for Refund |
21,967,602 |
71,030,831 |
103,938,344 |
|
Non-Current
Liabilities |
14,266,214,861 |
6,253,781,515 |
2,377,661,738 |
|
Confirmed Salaries |
3,155,264,861 |
2,975,281,515 |
2,210,661,738 |
|
Other Non-Current
Financial Debts |
11,110,950,000 |
3,278,500,000 |
167,000,000 |
|
Long-Term Borrowings |
10,847,950,000 |
3,000,000,000 |
- |
|
Leasehold Deposit Received |
263,000,000 |
278,500,000 |
167,000,000 |
|
Capital Stock |
3,000,000,000 |
3,000,000,000 |
3,000,000,000 |
|
Capital Surplus |
89,903,582,769 |
92,631,889,863 |
85,311,838,186 |
|
Others |
- |
- |
-57,202,000 |
|
Total Equity |
92,903,582,769 |
95,631,889,863 |
88,254,636,186 |
|
Liab. &
Shareholder’s Equity |
222,761,182,861 |
206,035,982,861 |
185,902,728,219 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
174,493,108,090 |
127,358,787,034 |
124,205,881,571 |
|
Cost of Sold Goods |
154,543,340,294 |
107,454,211,569 |
115,365,826,918 |
|
Gross Profit |
19,949,767,796 |
19,904,575,465 |
8,840,054,653 |
|
Selling & Admin.
Expenses |
20,638,373,912 |
18,655,470,516 |
16,072,448,226 |
|
Operating Income |
-688,606,116 |
1,249,104,949 |
-7,232,393,573 |
|
Profits from Investment
on Related Companies |
- |
-50,000,000 |
277,380,177 |
|
Non-Operating Income |
5,056,212,734 |
16,771,533,693 |
10,378,111,836 |
|
Non-Operating
Expenses |
5,543,988,901 |
10,483,594,980 |
4,984,392,941 |
|
Finance Income |
1,716,565,954 |
2,707,308,579 |
1,731,053,030 |
|
Finance Expenses |
3,530,431,505 |
2,519,999,383 |
1,861,132,277 |
|
Income Before Taxes |
-2,990,247,834 |
7,674,352,858 |
-1,691,373,748 |
|
Income Taxes Expenses |
- |
- |
- |
|
Net Income |
-2,990,247,834 |
7,674,352,858 |
-1,691,373,748 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Operating Activities
Cash Flows |
-18,726,526,529 |
-8,288,263,686 |
13,380,711,678 |
|
Cash Flows from
Operating |
-16,855,400,238 |
-7,704,471,776 |
13,404,804,079 |
|
Net Income |
-2,990,247,834 |
7,674,352,858 |
-1,691,373,748 |
|
-Exp. without Cash
Outflow |
11,126,820,276 |
14,690,571,948 |
6,612,538,779 |
|
-Revenue without Cash
Inflows |
-2,297,512,462 |
-7,389,593,288 |
-8,364,243,837 |
|
-Changes in Asset/
& Liability |
-22,694,460,218 |
-22,679,803,294 |
16,847,882,885 |
|
Interests Received |
1,319,085,040 |
1,787,598,286 |
1,600,633,034 |
|
Interests Paid |
-3,277,666,581 |
-2,344,362,776 |
-1,891,205,805 |
|
Dividends Received |
|
|
434,880,000 |
|
Income Taxes |
87,455,250 |
-27,027,420 |
-168,399,630 |
|
Cash Flows from Investing |
-2,491,903,760 |
-17,364,357,764 |
-13,970,163,124 |
|
Cash Inflow from
Investing |
46,826,588,450 |
7,405,653,686 |
36,550,808,207 |
|
Cash Outflows for
Investing |
-49,318,492,210 |
-24,770,011,450 |
-50,520,971,331 |
|
Cash Flows from Financing |
22,547,116,271 |
24,524,900,792 |
-879,070,500 |
|
Cash Inflows from
Financing |
43,764,563,478 |
25,633,510,416 |
17,400,000,000 |
|
Cash Outflows from
Financing |
-21,217,447,207 |
-1,108,609,624 |
-18,279,070,500 |
|
Increase/Decrease in
Cash |
1,328,685,982 |
-1,127,720,658 |
-1,468,521,946 |
|
Cash at the Beginning
of Year |
1,321,631,580 |
2,450,556,766 |
3,923,162,484 |
|
Cash at the End of
Year |
2,643,176,619 |
1,321,631,580 |
2,450,556,766 |
Products,
Technologies, Services Description
|
Main Products & Services |
Electronic Condenser Microphone (ECM) Wireless Microphone Mobile Energy Speaker |
Trade Partners
& Competitors
|
Suppliers |
HYUNDAI CAPITAL SERVICES, INC.(110111-0995378) provides the vehicle
leasing services to the subject company. |
|
Customers |
SAMSUNG ELECTRONICS CO., LTD.(130111-0006246) LG ELECTRONICS INC. 110111-2487050) MOTOROLA NOKIA |
|
Competitors |
DIABELL CO., LTD. 198, ANYANG 7-DONG, MANAN-GU, ANYANG-SI,
GYEONGGI-DO, KOREA TEL:+82-31-380-4300 FAX:+82-31-380-4370 COSMO SOUND TECHLOLOGY CO., LTD. 86-1, YEONGCHEON-RI, DONGTAN-MYEON,
HWASEONG-SI, GYEONGGI-DO, KOREA TEL:+82-31-376-8611~2 FAX:+82-31-376-8610 ACE COMPONET TECHNOLOGY RM. 7309, DONG-IL TECHNO TOWN 7-CHA, 823,
GWANYANG 2-DONG, DONGAN-GU, ANYANG-SI, GYEONGGI-DO, KOREA TEL:+82-31-423-9950 FAX:+82-31-423-9951 |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
KEUK DONG PRECISION MATERIALS CO., LTD.(120111-0569684) (100.0% held by the subject company) BSE DISPLAY CO., LTD.(161511-0122237) (100.0% held by the subject company) BSE CENSUS CO., LTD.(120111-0536261) (100.0% held by the subject company) DONGGUAN BOSUNG ELECTRONICS CO.,
LTD.(CHINA) (100.0% held by the subject company) TENJIN BOSUNG ELECTRONICS CO., LTD.(CHINA) (100.0% held by the subject company) HONGKONG BSE ELECTRONICS CO., LTD.(HONGKONG) (100.0% held by the subject company) YOUNGSUNG BOSUNG ELECTRONICS CO.,
LTD.(CHINA) (100.0% held by the subject company) BSE VIETNAM CO., LTD.(VIETNAM) (100.0% held by the subject company) VIETNAM BSE ELECTRONICS CORPORATION(VIETNAM) (100.0% held by the subject company) BSE USA, INC. (50.0% held by the subject company) ITSWELL CO., LTD.(161511-0023089) |
|
Joint Venture |
|
|
Subsidiary |
KEUK DONG PRECISION MATERIALS CO., LTD.(120111-0569684) (100.0% held by the subject company) BSE DISPLAY CO., LTD.(161511-0122237) (100.0% held by the subject company) BSE CENSUS CO., LTD.(120111-0536261) (100.0% held by the subject company) DONGGUAN BOSUNG ELECTRONICS CO.,
LTD.(CHINA) (100.0% held by the subject company) TENJIN BOSUNG ELECTRONICS CO., LTD.(CHINA) (100.0% held by the subject company) HONGKONG BSE ELECTRONICS CO., LTD. (100.0% held by the subject company) YOUNGSUNG BOSUNG ELECTRONICS CO.,
LTD.(CHINA) (100.0% held by the subject company) BSE VIETNAM CO., LTD. (100.0% held by the subject company) VIETNAM BSE ELECTRONICS CORPORATION (100.0% held by the subject company) |
|
Corporate Ownership |
BSE HOLDINGS CO., LTD.(110111-0944622) |
|
Major Shareholders |
BSE HOLDINGS CO., LTD.(110111-0944622) |
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD(110111-0013328) SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
Sales by Region
(Activity & Markets)
The Subject deals with the companies in USA, China
and Europe.
Court Action
No.
News Clipping
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.42 |
|
|
1 |
Rs.96.28 |
|
Euro |
1 |
Rs.80.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SHG |
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.