|
Report Date : |
29.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
SINJIN PRECISION
CO., LTD. |
|
|
|
|
Registered Office : |
82, Hanamsandan 10beon-ro, Gwangsan-gu, |
|
|
|
|
Country : |
Korea
(South) |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
16.01.2001 |
|
|
|
|
Com. Reg. No.: |
410-81-61431 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Fluid Power Equipment |
|
|
|
|
No. of Employees : |
93 |
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 : |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Korea
(South) |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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 |
SINJIN PRECISION
CO., LTD. (Korean Company
Name : “신진정밀(주)”) |
|
Registered Address |
82, Hanamsandan 10beon-ro, Gwangsan-gu,
Gwangju, Korea |
|
Zip Code |
506-258 |
|
Tel |
+82-62-954-0951 |
|
Fax |
+82-62-954-0952 |
|
E-mail |
sales@sjhydraulic.co.kr;overseas@sjhydraulic.co.kr |
|
Website |
www.powersteeringunit.com |
|
Trading Address |
82, Hanamsandan 10beon-ro, Gwangsan-gu,
Gwangju, Korea (Old Address System : 732-2,
Ancheong-dong, Gwangsan-gu, Gwangju, Korea) |
|
Tel |
+82-62-954-0951 |
|
Fax |
+82-62-954-0952 |
|
Other Address-Seoul Branch |
639-2, Junggok-dong, Gwangjin-gu, Seoul,
Korea |
|
Type |
Export/Import |
|
Industry |
Manufacture of Fluid Power Equipment |
|
Main Business |
Power Steering Units, Hydraulic Motors, Priority Valve, Transmission
Control Valve, Brake Valve, Solenoid Valve |
|
Established (mm/dd/yyyy) |
01/16/2001 |
The Subject owns
the premises of registered HQ address.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Industrial machinery components and
accessories(23153100) |
|
Sell |
Hydraulic motors(26101613) |
CEO’s
|
Name |
Choi Jin-Sook |
|
Address |
Suite 25-103, 145-8, Gwangjang-dong,
Gwangjin-gu, Seoul, Korea |
|
Date of Birth |
06/22/1960 |
|
Title |
President & CEO |
|
Sex |
Female |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
1,000,000,000 |
||||||||||||||||||
|
Employees |
93 |
||||||||||||||||||
|
Formation |
Co., Ltd by shares |
||||||||||||||||||
|
Bank Details |
Korea Exchange Bank Shinhan Bank |
||||||||||||||||||
|
Corporate Registered No. |
200111-0127914 |
||||||||||||||||||
|
Business Registered No. |
410-81-61431 |
||||||||||||||||||
|
Permit & Licenses |
07/1996 EM Mark 04/2000 ISO 9001 12/2002 ISO 14001 Int’l Trade No.: 15002411 |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
03/02/1993 Established as SINJIN PRECISION CO. 01/16/2001 Incorporated as
the present name 07/29/2005 Designated as a INNO-BIZ Company 08/30/2005 Designated as a Venture Business |
||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
M/S. |
Choi Jin-Sook |
Female |
Korean |
01/12/2005 |
|
Director |
Mr. |
Shin Soo-Sik |
Male |
Korean |
03/30/2004 |
|
Director |
Mr. |
Park Tae-Heung |
Male |
Korean |
03/30/2004 |
|
Director |
Mr. |
Lee Sung-Nam |
Male |
Korean |
03/31/2010 |
|
Auditor |
Mr. |
Lee Heung-Sang |
Male |
Korean |
01/12/2005 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
23,420,085,366 |
18,749,497,781 |
1,595,350,314 |
|
|
2012 |
23,762,955,215 |
17,760,488,610 |
2,174,697,626 |
|
2011 |
21,754,289,594 |
16,789,712,567 |
2,353,540,943 |
|
2010 |
15,787,836,708 |
13,932,938,187 |
1,467,145,949 |
|
2009 |
10,504,759,727 |
10,792,681,340 |
980,059,609 |
|
2008 |
13,448,897,748 |
9,794,257,055 |
1,836,692,096 |
|
2007 |
14,045,413,830 |
9,750,639,765 |
1,392,164,538 |
|
2006 |
11,550,074,053 |
8,724,320,212 |
1,467,327,313 |
Financial
Description
|
Authorized Capital(KRW) |
4,000,000,000 |
|
Paid-Up Capital(KRW) |
1,000,000,000 |
|
Total Issues Shares |
200,000 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
18,749,497,781 |
17,760,488,610 |
16,789,712,567 |
|
Current Assets |
12,052,433,348 |
11,845,602,644 |
11,159,556,890 |
|
-Quick Assets |
8,773,715,132 |
8,489,169,802 |
7,858,630,714 |
|
-Inventories |
3,278,718,216 |
3,356,432,842 |
3,300,926,176 |
|
Fixed Assets |
6,697,064,433 |
5,914,885,966 |
5,630,155,677 |
|
-Investment |
907,403,700 |
832,403,700 |
652,403,700 |
|
-Tangibles |
5,548,113,933 |
4,764,547,917 |
4,562,242,705 |
|
-Intangibles |
65,227,800 |
131,615,349 |
187,740,272 |
|
-Others |
176,319,000 |
186,319,000 |
227,769,000 |
|
Total Liabilities |
5,120,090,743 |
5,126,431,886 |
5,722,135,509 |
|
Current Liabilities |
4,721,301,346 |
4,579,725,657 |
4,824,922,264 |
|
Fixed Liabilities |
398,789,397 |
546,706,229 |
897,213,245 |
|
Capital Stock |
1,000,000,000 |
1,000,000,000 |
1,000,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
12,629,407,038 |
11,634,056,724 |
10,067,577,058 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
13,629,407,038 |
12,634,056,724 |
11,067,577,058 |
|
Liab. & Shareholder’s Equity |
18,749,497,781 |
17,760,488,610 |
16,789,712,567 |
|
Current Liabilities |
4,721,301,346 |
4,579,725,657 |
4,824,922,264 |
|
Trade Payables |
3,435,924,140 |
2,969,646,839 |
3,388,364,581 |
|
Short-Term Borrowings |
- |
124,750,000 |
148,516,000 |
|
Account Payables |
213,088,046 |
204,106,383 |
179,769,656 |
|
Advance Receipts |
451,378,758 |
567,819,846 |
384,728,953 |
|
Withholdings |
43,377,388 |
41,131,410 |
34,623,470 |
|
VAT Withhold |
42,311,739 |
97,035,261 |
92,614,840 |
|
Accrued Expenses |
264,888,325 |
235,461,183 |
213,837,570 |
|
Accrued Income Tax |
86,998,550 |
155,245,415 |
289,562,954 |
|
Guarantee Deposit Withhold |
- |
1,200,000 |
1,200,000 |
|
Accrued Dividends |
14,400 |
9,320 |
4,240 |
|
Current Portion of Long-Term Debts |
183,320,000 |
183,320,000 |
91,700,000 |
|
Fixed Liabilities |
398,789,397 |
546,706,229 |
897,213,245 |
|
Long-Term Borrowings |
91,660,000 |
274,980,000 |
458,300,000 |
|
Provision for Severance & Retirement |
1,116,308,078 |
800,545,178 |
795,488,445 |
|
Long-Term Leasehold Deposit Received |
30,000,000 |
- |
|
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
23,420,085,366 |
23,762,955,215 |
21,754,289,594 |
|
Cost of Sold Goods |
20,420,065,926 |
19,834,623,837 |
18,048,942,125 |
|
Gross Profit |
3,000,019,440 |
3,928,331,378 |
3,705,347,469 |
|
Selling & Admin. Expenses |
1,267,344,863 |
1,240,172,125 |
1,247,491,006 |
|
Operating Income |
1,732,674,577 |
2,688,159,253 |
2,457,856,463 |
|
Non-Operating Income |
346,294,507 |
335,450,057 |
418,245,602 |
|
Non-Operating Expenses |
238,120,420 |
390,310,545 |
161,070,588 |
|
Income Before Taxes |
1,840,848,664 |
2,633,298,765 |
2,715,031,477 |
|
Income Taxes Expenses |
245,498,350 |
458,601,139 |
361,490,534 |
|
Net Income |
1,595,350,314 |
2,174,697,626 |
2,353,540,943 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from Operating |
3,280,885,589 |
3,126,920,967 |
2,541,367,953 |
|
-Net Income |
1,595,350,314 |
2,174,697,626 |
2,353,540,943 |
|
-Exp. without Cash Outflow |
1,292,624,808 |
1,107,616,941 |
1,329,564,094 |
|
-Revenue without Cash Inflows |
-12,401,310 |
-86,660,868 |
-116,117,943 |
|
-Changes in Asset/ & Liability |
405,311,777 |
-68,732,732 |
-1,025,619,141 |
|
Cash Flows from Investing |
-2,339,732,872 |
-2,046,824,931 |
-2,175,583,445 |
|
-Cash Inflow from Investing |
5,807,393,357 |
15,145,478,816 |
5,665,438,756 |
|
-Cash Outflows for Investing |
-8,147,126,229 |
-17,192,303,747 |
-7,841,022,201 |
|
Cash Flows from Financing |
-878,064,920 |
-691,694,920 |
-500,000,000 |
|
-Cash Inflows from Financing |
30,000,000 |
- |
- |
|
-Cash Outflows from Financing |
-908,064,920 |
-691,694,920 |
-500,000,000 |
|
Increase/Decrease in Cash |
63,087,797 |
388,401,116 |
-134,215,492 |
|
Cash at the Beginning of Year |
1,270,199,685 |
881,798,569 |
1,016,014,061 |
|
Cash at the End of Year |
1,333,287,482 |
1,270,199,685 |
881,798,569 |
Products,
Technologies, Services Description
|
Main Products & Services |
Power Steering Units, Hydraulic Motors, Priority Valve, Transmission
Control Valve, Brake Valve, Solenoid Valve |
Trade Partners
& Competitors
|
Competitors |
HYDROTECH CO., LTD. 404-36, JANG-DONG, DALSEO-GU, DAEGU, KOREA TEL:+82-53-593-8468 FAX:+82-53-593-8469 JEIL HYDRAULICS CO., LTD. 526, SINPYEONG 1-DONG, SAHA-GU, BUSAN,
KOREA TEL:+82-51-204-4042 FAX:+82-51-205-7456 UNITEK ENG. CO., LTD. 3RD FL., SEOKYEONG BLDG., 1000-3, DAECHI
2-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-567-0888 FAX:+82-2-3453-1177 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Cooperative Enterprise |
-Insured Company HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) |
Sales by Region (Activity & Markets)
Not Available.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.57 |
|
|
1 |
Rs.100.42 |
|
Euro |
1 |
Rs.78.44 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
PDT |
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.