|
Report Date : |
17.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
SWECO, INC. |
|
|
|
|
Formerly Known As : |
SAMSUNG JOLYEON INDUSTRY CO., LTD. |
|
|
|
|
Registered Office : |
92, Nangnaegi-Gil, Bongdam-Eup, Hwaseong-Si,
Gyeonggi-Do |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
27.12.1977 |
|
|
|
|
Com. Reg. No.: |
135-81-03132 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Electrical Carbon Products and Insulators |
|
|
|
|
No. of Employees : |
139 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. 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 |
|
Company Name |
SWECO, INC. |
|
Registered Address |
92, Nangnaegi-gil, Bongdam-eup, Hwaseong-si,
Gyeonggi-do, Korea |
|
Zip Code |
445-893 |
|
Tel |
+82-31-227-2900 |
|
Fax |
+82-31-227-2910 |
|
E-mail |
|
|
Website |
|
|
|
|
|
Trading Address |
92, Nangnaegi-gil, Bongdam-eup,
Hwaseong-si, Gyeonggi-do, Korea (Old Address System : 284, Donghwa-ri,
Bongdam-eup, Hwaseong-si, Gyeonggi-do, Korea) |
|
Tel |
+82-31-227-2900 |
|
Fax |
+82-31-227-2910 |
|
|
|
|
Other Address-Gumi Factory |
491, Suchul-daero, Gumi-si,
Gyeongsangbuk-do, Korea |
|
Tel |
+82-54-473-4900 |
|
Fax |
+82-54-473-4903 |
|
|
|
|
Other Address-Busan Office |
33, Cheongnyong-ro, Geumjeong-gu, Busan, Korea |
|
Tel |
+82-51-508-2950 |
|
Fax |
+82-51-508-2951 |
|
|
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Electrical Carbon Products and Insulators |
|
Main Business |
Flexible Laminates, Heater Mica Plate, Flexible Mica Plate, Ceramic Mica
Sheet, Adhesive Tape, Silicone Glass Tube, Polyethylene Naphthalate Film,
Insulating Tube, Insulating Paper |
|
|
|
|
Established (mm/dd/yyyy) |
12/27/1977 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Electrical insulators(39121721) |
|
Sell |
Tape(31201500) |
|
Sell |
Other adhesives and sealants(31201600) |
|
Sell |
Fiberglass tape(31201507) |
|
Buy |
Polyester films(13111210) |
|
Buy |
Electrical insulators(39121721) |
|
Name |
Lee Kyung-Ho |
|
Address |
Suite 110-1207, 511, Daechi-dong,
Gangnam-gu, Seoul, Korea |
|
Date of Birth |
08/15/1954 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
4,016,005,000 |
|||||||||||||||||||||||||||
|
Employees |
139 |
|||||||||||||||||||||||||||
|
Formation |
Co., Ltd by shares |
|||||||||||||||||||||||||||
|
Bank Details |
Industrial Bank of Korea-Suwon Branch |
|||||||||||||||||||||||||||
|
Corporate Registered No. |
134511-0000882 |
|||||||||||||||||||||||||||
|
Business Registered No. |
135-81-03132 |
|||||||||||||||||||||||||||
|
Permit & Licenses |
03/2013 ISO/TS 16949:2009 03/2008 KS A 9001:2001/ ISO 9001:2000 08/2007 KS A 14001:2004/ ISO 14001:2004 10/1984 UL (E92680) 07/1986 UL (E102885) 01/1987 UL (E106260) 12/1988 UL (E115870) 08/2002 UL (E227399) Int’l Trade No. : 421012 |
|||||||||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||||||||
|
Company History |
11/25/1974 Established as Samsung Electric
Industry(Sole Proprietorship) 08/1977 Changed company name to Samsung
Jolyeon Industry Co. 12/27/1977 Incorporated as Samsung Jolyeon
Industry Co., Ltd. 12/1979 Changed company name to Sungwon
Electric Co., Ltd. 01/01/2003 Moved to the present HQ address
from 613-1, Gorim-dong, Cheoin-gu, Yongin-si, Gyeonggi-do, Korea 10/01/2005 Changed company name to the
present name 03/20/2011 Designated as an INNO-BIZ
Company |
|||||||||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Lee Kyung-Ho |
Male |
Korean |
08/28/2001 |
|
Director |
Mr. |
Lee Hee-Man |
Male |
Korean |
11/25/2000 |
|
Director |
Mr. |
Lee Joo-Ho |
Male |
Korean |
11/25/2000 |
|
Auditor |
Mr. |
Lee Kwang-Ho |
Male |
Korean |
05/20/2014 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2013 |
29,194,219,802 |
30,669,009,818 |
1,113,525,254 |
|
2012 |
28,287,100,350 |
29,362,879,140 |
1,647,182,749 |
|
2011 |
25,298,909,574 |
28,291,520,408 |
633,814,474 |
|
2010 |
24,304,595,706 |
28,055,968,749 |
262,911,253 |
|
2009 |
21,807,750,940 |
27,723,611,966 |
67,515,867 |
|
21,738,687,653 |
28,415,723,704 |
-378,588,890 |
|
|
2007 |
19,076,409,841 |
27,523,304,225 |
667,005,385 |
|
2006 |
18,747,987,775 |
27,350,873,527 |
1,102,202,761 |
|
2005 |
18,293,155,463 |
28,587,875,475 |
5,830,928,089 |
|
2004 |
21,183,356,472 |
25,322,862,713 |
358,491,624 |
|
Authorized Capital(KRW) |
10,000,000,000 |
|
Paid-Up Capital(KRW) |
4,016,005,000 |
|
Total Issued Shares |
803,201 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
30,669,009,818 |
29,362,879,140 |
28,291,520,408 |
|
Current Assets |
15,237,212,639 |
13,974,532,490 |
13,008,550,744 |
|
-Quick Assets |
8,178,709,007 |
7,247,598,715 |
7,136,545,044 |
|
-Inventories |
7,058,503,632 |
6,726,933,775 |
5,872,005,700 |
|
Fixed Assets |
15,431,797,179 |
15,388,346,650 |
15,282,969,664 |
|
-Investment |
1,082,004,375 |
1,025,666,129 |
870,179,435 |
|
-Tangibles |
14,157,566,540 |
14,220,733,071 |
14,335,373,663 |
|
-Intangibles |
31,196,264 |
39,401,450 |
10,476,566 |
|
-Others |
161,030,000 |
102,546,000 |
66,940,000 |
|
Total Liabilities |
11,076,814,215 |
10,384,208,791 |
10,795,556,224 |
|
Current Liabilities |
8,525,191,453 |
8,075,972,019 |
8,256,608,391 |
|
Fixed Liabilities |
2,551,622,762 |
2,308,236,772 |
2,538,947,833 |
|
Capital Stock |
4,016,005,000 |
4,016,005,000 |
4,016,005,000 |
|
Capital Surplus |
476,010,315 |
476,010,315 |
476,010,315 |
|
Profit Surplus |
15,100,180,288 |
14,486,655,034 |
13,039,472,285 |
|
Capital Adjustment |
|
|
-35,523,416 |
|
Total Equity |
19,592,195,603 |
18,978,670,349 |
17,495,964,184 |
|
Liab. & Shareholder’s Equity |
30,669,009,818 |
29,362,879,140 |
28,291,520,408 |
|
Current
Liabilities |
8,525,191,453 |
8,075,972,019 |
8,256,608,391 |
|
Trade Payables |
2,867,490,285 |
2,815,346,797 |
3,035,288,874 |
|
Account Payables |
785,827,902 |
885,357,538 |
878,999,406 |
|
Withholdings |
79,349,960 |
95,539,970 |
83,856,315 |
|
Advance Receipts |
61,688,219 |
20,347,432 |
15,901,818 |
|
Short-Term Borrowings |
4,100,000,000 |
3,660,000,000 |
3,789,050,879 |
|
Accrued Expenses |
8,014,893 |
7,560,810 |
9,278,553 |
|
Deferred Income Tax Credit |
188,420,194 |
157,419,472 |
9,832,546 |
|
Current Portion of Long-Term Debts |
434,400,000 |
434,400,000 |
434,400,000 |
|
Fixed
Liabilities |
2,551,622,762 |
2,308,236,772 |
2,538,947,833 |
|
Long-Term Borrowings |
1,422,900,000 |
1,287,300,000 |
1,721,700,000 |
|
Leasehold Deposit Received |
- |
90,000,000 |
90,000,000 |
|
Provision for Severance & Retirement |
1,318,234,858 |
1,069,389,391 |
865,700,452 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
29,194,219,802 |
28,287,100,350 |
25,298,909,574 |
|
Cost of Sold Goods |
24,463,537,146 |
23,481,787,002 |
21,974,289,942 |
|
Gross Profit |
4,730,682,656 |
4,805,313,348 |
3,324,619,632 |
|
Selling & Admin. Expenses |
3,430,818,427 |
2,958,994,446 |
2,598,524,539 |
|
Operating Income |
1,299,864,229 |
1,846,318,902 |
726,095,093 |
|
Non-Operating Income |
503,850,707 |
445,360,733 |
368,754,156 |
|
Non-Operating Expenses |
427,171,188 |
481,470,414 |
446,018,129 |
|
Income Before Taxes |
1,376,543,748 |
1,810,209,221 |
648,831,120 |
|
Income Taxes Expenses |
263,018,494 |
163,026,472 |
15,016,646 |
|
Net Income |
1,113,525,254 |
1,647,182,749 |
633,814,474 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from Operating |
1,316,400,494 |
1,200,623,564 |
1,619,725,581 |
|
-Net Income |
1,113,525,254 |
1,647,182,749 |
633,814,474 |
|
-Exp. without Cash Outflow |
1,157,659,463 |
1,138,179,433 |
1,274,114,105 |
|
-Revenue without Cash Inflows |
-6,880,717 |
-10,622,169 |
-14,307,433 |
|
-Changes in Asset/ & Liability |
-947,903,506 |
-1,574,116,449 |
-273,895,565 |
|
Cash Flows from Investing |
-1,206,001,044 |
-792,533,830 |
-408,800,951 |
|
-Cash Inflow from Investing |
1,085,172,273 |
497,119,064 |
1,372,978,407 |
|
-Cash Outflows for Investing |
-2,291,173,317 |
-1,289,652,894 |
-1,781,779,358 |
|
Cash Flows from Financing |
75,600,000 |
-763,450,879 |
-877,613,370 |
|
-Cash Inflows from Financing |
2,796,295,023 |
1,657,244,144 |
1,581,051,653 |
|
-Cash Outflows from Financing |
-2,720,695,023 |
-2,420,695,023 |
-2,458,665,023 |
|
Increase/Decrease in Cash |
185,999,450 |
-355,361,145 |
333,311,260 |
|
Cash at the Beginning of Year |
218,248,705 |
573,609,850 |
240,298,590 |
|
Cash at the End of Year |
404,248,155 |
218,248,705 |
573,609,850 |
|
Main Products & Services |
Electrical Insulating Material Flexible Laminates Rigid Laminates Mica Products Cable Materials Adhesive Tapes Nomex Pet Film Polymide Film Insulation Testing |
|
Competitors |
WONPOONG
CORPORATION WONPOONG BLDG.,
664-8, DEUNGCHON-DONG, GANGSEO-GU, SEOUL, KOREA TEL:+82-2-3661-8112 FAX:+82-2-3661-8111 IPAK CO.,
LTD. 835-2,
WONSI-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-489-2600 FAX:+82-31-492-5006 KOREA
ALUMIUM CO., LTD. 457,
GWANGDEOK-RI, DOAN-MYEON, JEUNGPYEONG-GUN, CHUNGCHEONGBUK-DO, KOREA TEL:+82-43-836-8801 FAX:+82-43-836-8804 |
|
Overseas Office |
SWECO ITALY (75.0% held by the subject company) VIA DELL’INDUSTRIA, 1 CENTRO NORD S.P. 23
INT. D/6 22020 GAGGINO DI FALOPPIO (CO), ITALY TEL : +39-031-447-9514 / FAX :
+39-031-228-0425 |
|
Sales/ Unit : KRW |
2013 |
2012 |
2011 |
|
Export |
5,884,273,965 |
4,268,018,498 |
3,111,156,442 |
|
Domestic |
23,309,945,837 |
24,019,081,852 |
22,187,753,132 |
|
Total |
29,194,219,802 |
28,287,100,350 |
25,298,909,574 |
The Subject deals
with the companies in China, Germany, Japan, UK and USA.
No.
-------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.65 |
|
|
1 |
Rs.96.54 |
|
Euro |
1 |
Rs.76.70 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.