|
Report Date : |
21.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
SEAH STEEL
CORPORATION |
|
|
|
|
Registered Office : |
45, Yanghwa-ro, Mapo-gu, Seoul, Korea, |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
19.10.1960 |
|
|
|
|
Com. Reg. No.: |
106-81-60926 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Tubes and Pipes of Cast
Iron or Cast Steel |
|
|
|
|
No of Employees : |
918 |
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 – 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 |
SEAH STEEL
CORPORATION (Trade Name : SSC) (Korean Company
Name : “(주)세아제강”) |
|
Registered Address |
45, Yanghwa-ro, Mapo-gu, Seoul, Korea |
|
Building |
26th Fl., Seah Tower |
|
Zip Code |
121-841 |
|
Tel |
+82-2-6970-1105 |
|
Fax |
+82-2-6970-1198 |
|
E-mail |
export@seahsteel.co.kr |
|
Website |
www.seahsteel.co.kr |
|
Trading Address |
26th Fl., Seah Tower, 45, Yanghwa-ro,
Mapo-gu, Seoul, Korea (Old Address System : 26th Fl., Seah
Tower, 490, Seogyo-dong, Mapo-gu, Seoul, Korea) |
|
Tel |
+82-2-6970-1105 |
|
Fax |
+82-2-6970-1198 |
|
Other Address-Pohang Factory |
14-1, Jangheung-dong, Nam-gu, Pohang-si,
Gyeongsangbuk-do, Korea |
|
Tel |
+82-54-271-4114 |
|
Fax |
+82-54-285-6401 |
|
Other Address-Gunsan Factory |
1632, Soryong-dong, Gunsan-si,
Jeollabuk-do, Korea |
|
Tel |
+82-63-469-8500 |
|
Fax |
+82-63-469-8521 |
|
Other Address-Changwon Factory |
50, Ungnam-dong, Seongsan-gu, Changwon-si,
Gyeongsangnam-do, Korea |
|
Tel |
+82-55-278-2222 |
|
Fax |
+82-55-289-8848 |
|
Other Address-Busan Sales Office |
729-1, Hakjang-dong, Sasang-gu, Busan,
Korea |
|
Tel |
+82-51-320-5200 |
|
Fax |
+82-51-311-4530 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Tubes and Pipes of Cast
Iron or Cast Steel |
|
Main Business |
Pipe, Color Shredder |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
10/19/1960 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Pipe(40142100) |
|
Sell |
Stainless steel pipe(40142117) |
|
Sell |
Steel plate(30102204) |
|
Sell |
Plate(30102200) |
|
Sell |
Tube and tubing(31231300) |
|
Sell |
Titanium tubing(31231303) |
|
Sell |
Electrical conduit(39121202) |
|
Sell |
Aluminum plate(30102206) |
|
Sell |
Hardware and fittings(40141700) |
|
Sell |
Plastic pipe(40142115) |
|
Sell |
Steel pilings(30102803) |
|
Buy |
Stainless steel coil(30101905) |
|
Buy |
Steel plate(30102204) |
|
Buy |
Coil(30101900) |
|
Name |
Lee Hui-Ryeong |
|
Address |
|
|
Date of Birth |
04/25/1962 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
30,000,000,000 |
|||||||||||||||||||||
|
Employees |
918 |
|||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange : 003030) as of 5/13/1969 A Company of Seah Group |
|||||||||||||||||||||
|
Bank Details |
Shinhan Bank-Sales 2 Dept |
|||||||||||||||||||||
|
Corporate Registered No. |
110111-0118996 |
|||||||||||||||||||||
|
Business Registered No. |
106-81-60926 |
|||||||||||||||||||||
|
Permit & Licenses |
02/18/2013 OHSAS18001 02/18/2013 ISO 14001 06/04/2012 OHSAS18001 06/04/2012 ISO 14001 10/24/2011 KC Mark 01/06/2011 ISO 9001 12/04/2002 JIS Mark 05/17/2000 UL Mark Int’l Trade No.: 672995 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
10/19/1960 Incorporated as BUSAN STEEL PIPE
INDUSTRY CO., LTD. 02/27/1975 Changed company name to Busan
Pipe Co., Ltd. 01/01/1996 Changed company name to the
present name 11/30/2005 Awarded US$ 300 Million Export
Top Prize 11/30/2009 Awarded US$ 400 Million Export
Top Prize 12/05/2012 Awarded US$ 500 Million Export
Top Prize 01/01/2013 Acquired SEAH STEEL PIPE CO.,
LTD.(201311-0046755) 01/01/2013 Moved to the present HQ address
from 10, Bongnae-dong 1-ga, Jung-gu, Seoul, Korea |
|||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education/Career |
|
Chairman & CEO |
Mr. |
Lee Soon-Hyung |
Korean |
1949.02. |
Hanyang University, Korea |
|
President & CEO |
Mr. |
Lee Hui-Ryeong |
Korean |
1962.04.25 |
U.C.L.A, USA |
|
Sr. Executive Director & CEO |
Mr. |
Kwon Byung-Ki |
Korean |
1959.12. |
Youngnam University, Korea |
|
Vice President |
Mr. |
Lee Yeon-Jae |
Korean |
1952.09.20 |
Korea University, Korea |
|
Outside Director |
Mr. |
Kim Yong-Seok |
Korean |
1957.08. |
Prof., of Hongik University, Korea |
|
Outside Director |
Mr. |
Cho Chang-Jin |
Korean |
1947.10. |
- |
|
Auditor |
Mr. |
Kang Ki-Won |
Korean |
1948.08. |
Dongah University, Korea |
|
Auditor |
Mr. |
Choi Jong-Seung |
Korean |
1946.09. |
Seoul National University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
919,902,430,005 |
1,742,854,826,534 |
41,803,675,423 |
|
|
(*)2013 |
1,720,004,505,517 |
1,717,961,947,545 |
77,720,122,312 |
|
(*)2012 |
1,912,943,848,388 |
1,682,525,724,496 |
55,408,222,089 |
|
2011 |
1,711,721,720,125 |
1,641,639,573,755 |
71,925,895,953 |
|
2010 |
1,542,387,299,290 |
1,133,472,425,196 |
90,158,761,326 |
|
2009 |
1,246,731,410,044 |
1,020,159,609,944 |
13,295,951,110 |
|
2008 |
1,790,689,197,514 |
1,241,752,728,513 |
118,021,068,722 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
60,000,000,000 |
|
Paid-Up Capital(KRW) |
30,000,000,000 |
|
Total Issued Shares |
6,000,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2014~06/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
1,742,854,826,534 |
1,717,961,947,545 |
1,682,525,724,496 |
|
Current
Assets |
607,073,856,302 |
622,282,192,075 |
722,185,308,522 |
|
Cash & Cash Equivalents |
44,781,902,173 |
103,959,884,969 |
111,038,267,543 |
|
Trade Receivables & Other
Receivables |
306,041,577,344 |
263,171,013,847 |
308,836,582,482 |
|
Other Financial Assets |
10,280,164,184 |
24,468,629,893 |
58,166,560,133 |
|
Other Current Assets |
1,531,507,164 |
1,407,774,150 |
1,976,697,887 |
|
Inventories |
244,438,705,437 |
229,274,889,216 |
242,167,200,477 |
|
Non-Current
Assets |
1,135,780,970,232 |
1,095,679,755,470 |
960,340,415,974 |
|
Tangibles |
732,124,270,989 |
741,299,107,105 |
562,513,009,837 |
|
Investment_Real Estates |
12,328,611,954 |
12,440,581,211 |
8,655,709,075 |
|
Intangibles |
8,104,165,733 |
8,159,810,317 |
9,004,713,181 |
|
Investment_Subsidiaries |
250,416,619,330 |
211,790,502,412 |
257,824,122,692 |
|
Investment_JV |
10,121,849,349 |
10,121,849,349 |
10,121,849,349 |
|
Long-Term Trade Receivables &
Other Receivables |
7,564,386,555 |
6,983,688,413 |
6,756,472,734 |
|
Provision for Severance &
Retirement |
139,505,471 |
|
|
|
Other Financial Assets |
114,969,115,851 |
104,862,414,183 |
105,425,216,626 |
|
Other Non-Current Assets |
12,445,000 |
21,802,480 |
39,322,480 |
|
Total
Liabilities |
635,031,321,262 |
654,645,452,171 |
713,226,569,980 |
|
Current
Liabilities |
410,560,234,084 |
434,765,726,463 |
468,464,050,577 |
|
Trade Payables & Other
Payables |
181,820,755,709 |
179,630,056,888 |
234,819,097,295 |
|
Short-Term Borrowings |
218,411,933,737 |
247,262,462,426 |
208,520,313,388 |
|
Deferred Income Tax Credit |
7,808,464,883 |
4,500,725,984 |
16,326,093,469 |
|
Other Current Financial Debts |
272,927,195 |
112,167,611 |
233,797,341 |
|
Other Current Liabilities |
2,246,152,560 |
3,260,313,554 |
8,564,749,084 |
|
Non-Current
Liabilities |
224,471,087,178 |
219,879,725,708 |
244,762,519,403 |
|
Long-Term Trade Payables &
Other Payables |
1,814,498,009 |
1,818,498,009 |
1,463,262,154 |
|
Long-Term Borrowings |
154,509,889,350 |
154,452,025,156 |
183,633,408,509 |
|
Confirmed Salaries |
|
2,585,845,799 |
1,953,618,678 |
|
Deferred Income Tax Credit |
67,811,334,088 |
60,687,140,871 |
57,409,761,139 |
|
Other Non-Current Financial Debts |
|
|
84,998,567 |
|
Other Non-Current Liabilities |
335,365,731 |
336,215,873 |
217,470,356 |
|
Capital
Stock |
30,000,000,000 |
30,000,000,000 |
30,000,000,000 |
|
Capital Surplus |
58,706,626,330 |
58,706,626,330 |
26,574,403,026 |
|
Capital Surplus |
968,182,638,029 |
935,099,944,606 |
869,506,250,712 |
|
Others |
50,934,240,913 |
39,509,924,438 |
43,218,500,778 |
|
Total Equity |
1,107,823,505,272 |
1,063,316,495,374 |
969,299,154,516 |
|
Liab. & Shareholder’s Equity |
1,742,854,826,534 |
1,717,961,947,545 |
1,682,525,724,496 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2014~06/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
919,902,430,005 |
1,720,004,505,517 |
1,912,943,848,388 |
|
Cost of Sold Goods |
811,802,018,810 |
1,515,512,391,116 |
1,675,485,056,410 |
|
Gross Profit |
108,100,411,195 |
204,492,114,401 |
237,458,791,978 |
|
Selling & Admin. Expenses |
64,347,746,071 |
111,801,348,647 |
118,563,879,601 |
|
Operating Income |
43,752,665,124 |
92,690,765,754 |
118,894,912,377 |
|
Finance Income |
20,245,172,167 |
29,937,441,606 |
41,715,915,953 |
|
Finance Expenses |
11,530,676,200 |
30,642,812,124 |
33,172,495,371 |
|
Profits from investment on
Related Companies |
|
|
27,700,622,040 |
|
Non-Operating Income |
1,465,019,285 |
4,199,661,568 |
2,995,059,531 |
|
Non-Operating Expenses |
332,538,300 |
970,300,823 |
22,265,287,390 |
|
Income Before Taxes |
53,599,642,076 |
95,214,755,981 |
80,467,483,060 |
|
Income Taxes Expenses |
11,795,966,653 |
17,494,633,669 |
25,059,260,971 |
|
Net Income |
41,803,675,423 |
77,720,122,312 |
55,408,222,089 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2014~06/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Operating
Activities Cash Flows |
915,034,571 |
125,400,525,970 |
126,306,445,987 |
|
Cash Flows from Operating |
3,273,459,967 |
148,706,357,257 |
158,666,572,491 |
|
Net Income |
41,803,675,423 |
77,720,122,312 |
55,408,222,089 |
|
Adjustment |
22,311,250,073 |
50,090,793,938 |
82,402,913,351 |
|
Changes in Asset/ & Liability |
-60,841,465,529 |
20,895,441,007 |
20,855,437,051 |
|
Interests Received |
1,145,088,319 |
2,509,622,200 |
5,777,138,992 |
|
Interests Paid |
-3,249,716,021 |
-5,309,340,594 |
-7,752,993,299 |
|
Dividends Received |
4,757,577,987 |
3,135,830,057 |
4,924,137,104 |
|
Income Taxes |
-5,011,375,681 |
-23,641,942,950 |
-35,308,409,301 |
|
Cash Flows from Investing |
-28,199,698,013 |
-73,770,224,517 |
-177,617,423,987 |
|
Cash Flows from Financing |
-31,893,319,354 |
-58,708,684,027 |
11,863,070,038 |
|
Increase/Decrease in Cash |
-59,177,982,796 |
-7,078,382,574 |
-39,447,907,962 |
|
Cash at the Beginning of Year |
103,959,884,969 |
111,038,267,543 |
150,486,175,505 |
|
Cash at the End of Year |
44,781,902,173 |
103,959,884,969 |
111,038,267,543 |
|
Main Products & Services |
Pipe, Color Shredder |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
POSCO(174611-0000741) KOREA ZINC INC.(110111-0168404) |
|
Customers |
|
|
Competitors |
HIHO METAL CO., LTD. 8TH FL., DONGNAM BLDG., 588-19, SINSA-DONG,
GANGNAM-GU, SEOUL, KOREA TEL:+82-2-514-6671 FAX:+82-2-514-6489 DAEHAN METALS CO., LTD. 1769-2, SONGJEONG-DONG, GANGSEO-GU, BUSAN,
KOREA TEL:+82-51-974-6002 FAX:+82-51-831-9008 KYUNGSUNG METAL CO., LTD. 76-12, GUUI 2-DONG, GWANGJIN-GU, SEOUL,
KOREA TEL:+82-2-465-2300 FAX:+82-2-499-2101 |
|
Affiliates |
SEAH HOLDINGS CORP(110111-2276809) SEAH METAL CO.,
LTD. (194311-0003292) 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) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
SEAH STEEL AMERICA (88.57% held by the subject company) 9615 SOUTH NORWALK BLVD., SUIT B,
SANTA FE SPRINGS, CA 90670, USA STATE PIPE & SUPPLY (40.00% held by the subject company) 183 S. CEDAR AVE. RIALTO CA92376, USA SEAH STEEL CALIFORNIA (100.00% held by the subject company) 9615 SOUTH NORWALK BLVD., SUIT B, SANTA FE SPRINGS, CA 90670, USA SEAH STEEL VINA (100.00% held by the subject company) NO. 7 STREET 3A, BIEN HOA INDUSTRIAL ZONE Ⅱ, DONG NAI
PROVINCE, VIETNAM SEAH JAPAN (100.00% held by the subject company) OGAWA BLDG. 5F, 6-1, 2-CHOME, NISHI-SHINBASHI, MINATO-KU, TOKYO,
105-0003, JAPAN SEAH STEE UAE (100.00% held by the subject company) AL JAZEERA AL HAMRA, P.O.BOX. 31291RAS AL KHAIMAH, UAE (RAKIA) SEAH STEEL EUROPE CAP 35121, PIAZZA EREMITANI 18, PADOVA(PD), ITALY INOX TECH VIA ALDO MORO, 10/C, 45026, LENDINARA (RO), ITALY SEAH STEEL INDONESIA AXA TOWER, LEVEL 37, SUITE 6, JL.PROF.DR.SATRIO KAV.18,
KUNINGAN-SETIABUDI, JAKARTA, 12940, INDONESIA |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
|
The Subject deals
with the companies in Russia, USA, Japan, China and Middle East.
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (Million
KRW) |
Status |
|
|
|
The Subject Company (4 Cases) |
|
Violation on The Law of Fair
Trade |
2,100 |
Proceeding |
-----
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.10 |
|
|
1 |
Rs.97.32 |
|
Euro |
1 |
Rs.77.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.