|
Report No. : |
317579 |
|
Report Date : |
17.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SORIN CORPORATION |
|
|
|
|
Registered Office : |
542, Gangnam-daero, Gangnam-gu, Seoul |
|
|
|
|
Country : |
Korea (South) |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
02.02.1984 |
|
|
|
|
Com. Reg. No.: |
110111-0365068 |
|
|
|
|
Legal Form : |
Co., Ltd by
shares |
|
|
|
|
Line of Business : |
Wholesale of Metal Plates, Bars, Pipes, and Basic Metals |
|
|
|
|
No. of Employees : |
56 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 economic 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. A system of close government and business ties, including directed credit and import restrictions, initially 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 7% 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 over 6% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Between 2012 and 2014, the economy experienced sluggish growth because of external market slowdowns. The administration in 2015 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 the heavy reliance on exports, which comprise about half of GDP.
|
Source
: CIA |
Basic
|
Company Name |
SORIN CORPORATION |
|
Registered Address |
542, Gangnam-daero, Gangnam-gu, Seoul, Korea |
|
Building |
10th Fl., Youngpoong Bldg. |
|
Zip Code |
135-749 |
|
Tel |
+82-2-519-3391 |
|
Fax |
+82-2-542-0013 |
|
E-mail |
|
|
Website |
www.koreazinc.co.kr |
|
Trading Address |
10th Fl., Youngpoong Bldg., 542, Gangnam-daero, Gangnam-gu, Seoul,
Korea (Old Address System : 10th Fl., Youngpoong Bldg., 142, Nonhyeon
1-dong, Gangnam-gu, Seoul, Korea (P.O.BOX 128)) |
|
Tel |
+82-2-519-3391 |
|
Fax |
+82-2-542-0013 |
|
Other Address-Incheon Sales Office |
1446-2, Juan 7-dong, Nam-gu, Incheon, Korea |
|
Tel |
+82-32-862-0527 |
|
Fax |
+82-32-873-1756 |
|
Other Address-Busan Sales Office |
649-5, Nambumin 1-dong, Seo-gu, Busan, Korea |
|
Tel |
+82-51-243-5313 |
|
Fax |
+82-51-243-2793 |
|
Type |
Export/Import |
|
Industry |
Wholesale of Metal Plates, Bars, Pipes, and Basic Metals |
|
Main Business |
Zinc, Lead, Silver, Cadmium |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
02/02/1984 |
The Subject Company occupies the premises of registered HQ address by leasing base.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Zinc ingots(30103404) |
|
Sell |
Lead ingots(30103403) |
|
Sell |
Silver Ingot |
|
Sell |
Copper cathode |
|
Sell |
Cadmium Oxide |
|
Sell |
Coarse Cobalt Oxide |
|
Buy |
Zinc Concentrates |
|
Buy |
Tin Concentrates |
|
Buy |
Lead Bullion |
CEO’s
|
Name |
Chang Jae-Man |
|
Address |
Suite 101-1102, 65-14,
Sinhyeon-ro, Opo-eup, Gwangju-si, Gyeonggi-do, Korea |
|
Date of Birth |
09/03/1953 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
1,550,825,000 |
|||||||||||||||
|
Employees |
56 |
|||||||||||||||
|
Formation |
Co., Ltd by
shares A Company of YOUNG
POONG BUSINESS GROUP |
|||||||||||||||
|
Bank Details |
Korea Exchange
Bank-Shinsa-Dong Branch Shinhan Bank Woori Bank |
|||||||||||||||
|
Corporate Registered
No. |
110111-0365068 |
|||||||||||||||
|
Business Registered
No. |
211-81-19597 |
|||||||||||||||
|
Permit & Licenses |
Int’l Trade No: 840569 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
02/02/1984
Incorporated as Sorin Metal Co., Ltd. 03/11/1994
Changed company name to the present name 11/30/2004
Awarded US$300 Million Export Top Prize 01/31/2013
Increased capital to 1,550,825,000 KRW from 1,500,000,000 KRW 02/14/2013 Acquired KZ
INTERNATIONAL CORPORATION(110111-4252807) |
|||||||||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
Co-President
& CEO |
Mr. |
Chang Jae-Man |
Male |
Korean |
02/13/2013 |
|
Co-President
& CEO |
Mr. |
Chang Se-Hwan |
Male |
Korean |
12/24/2013 |
|
Co-President
& CEO |
Mr. |
Kwak Jae-Yo |
Male |
Korean |
02/17/2012 |
|
Co-President
& CEO |
Mr. |
Kim Jae-Sun |
Male |
Korean |
02/27/2012 |
|
Director |
Mr. |
Choi Chang-Gerl |
Male |
Korean |
03/11/1994 |
|
Director |
Mr. |
Choi Chang-Keun |
Male |
Korean |
03/11/1994 |
|
Director |
Mr. |
Chang Hyung-Jin |
Male |
Korean |
03/11/1994 |
|
Director |
Mr. |
Ryu Hae-Pyung |
Male |
Korean |
02/25/2011 |
|
Auditor |
Mr. |
Kim Seung-Keun |
Male |
Korean |
01/31/2013 |
Financials
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
276,981,092,520 |
350,706,891,855 |
6,686,040,838 |
|
|
(*)2013 |
288,256,980,212 |
358,222,147,954 |
9,583,319,264 |
|
(*)2012 |
329,286,084,122 |
309,343,350,347 |
15,348,997,330 |
|
(*)2011 |
322,226,584,476 |
297,510,967,304 |
19,540,989,714 |
|
2010 |
387,267,538,433 |
235,618,877,524 |
14,110,353,351 |
|
2009 |
417,703,337,643 |
182,579,578,812 |
16,340,017,258 |
|
2008 |
409,482,289,955 |
151,208,019,917 |
14,078,415,011 |
|
2007 |
394,619,727,348 |
114,312,100,283 |
16,390,006,730 |
|
2006 |
854,666,759,715 |
107,314,432,388 |
13,826,015,766 |
|
2005 |
575,384,568,088 |
83,736,918,804 |
10,775,385,252 |
|
2004 |
610,816,616,990 |
98,304,193,686 |
11,547,583,535 |
|
2003 |
527,064,946,235 |
93,141,233,738 |
14,030,046,874 |
(*)Figures are based
on the K-IFRS Accounting System.
Financial
Description
|
Authorized Capital(KRW) |
6,000,000,000 |
|
Paid-Up Capital(KRW) |
1,550,825,000 |
|
Total Issued Shares |
310,165 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of
12/31/2014 |
As of
12/31/2013 |
As of
12/31/2012 |
|
Total Assets |
350,706,891,855 |
358,222,147,954 |
309,343,350,347 |
|
Current Assets |
60,089,636,708 |
64,412,523,585 |
47,051,740,359 |
|
Cash & Cash Equivalents |
8,688,883,639 |
14,598,207,709 |
11,502,537,633 |
|
Trade Receivables & Other Receivables |
12,533,364,703 |
16,783,164,749 |
12,234,518,573 |
|
Current Financial Instruments |
23,000,000,000 |
25,000,000,000 |
13,000,000,000 |
|
Other Financial Assets |
8,154,858,089 |
2,021,741,954 |
996,660,267 |
|
Derivatives |
409,759,140 |
2,102,158 |
- |
|
Other Current Assets |
333,666,395 |
39,413,836 |
39,433,718 |
|
Inventories |
6,969,104,742 |
5,967,893,179 |
9,278,590,168 |
|
Non-Current Assets |
290,617,255,147 |
293,809,624,369 |
262,291,609,988 |
|
Long-Term Trade Receivables & Other Receivables |
3,390,937,930 |
438,550,805 |
380,238,930 |
|
Non-Current Financial Instruments |
2,500,000 |
2,500,000 |
2,500,000 |
|
Other Non-Current Assets |
238,681,444,500 |
243,460,511,724 |
214,727,450,000 |
|
Tangibles |
4,183,212,658 |
4,343,188,007 |
3,508,781,838 |
|
Investment_Real Estates |
6,415,229,148 |
6,569,792,928 |
6,617,718,036 |
|
Intangibles |
457,002,785 |
507,247,684 |
407,720,446 |
|
Investment_Subsidiaries |
37,486,928,126 |
38,487,833,221 |
36,647,200,738 |
|
Total Liabilities |
51,630,949,578 |
58,503,172,639 |
46,079,635,578 |
|
Current Liabilities |
10,632,213,259 |
16,514,939,600 |
10,339,051,612 |
|
Trade Payables & Other Payables |
4,995,847,271 |
10,258,431,148 |
7,059,854,507 |
|
Short-Term Borrowings |
4,548,197,169 |
4,750,643,672 |
673,411,550 |
|
Deferred Income Tax Credit |
597,010,630 |
301,636,300 |
1,660,678,890 |
|
Other Current Liabilities |
491,158,189 |
1,204,228,480 |
945,106,665 |
|
Non-Current Liabilities |
40,998,736,319 |
41,988,233,039 |
35,740,583,966 |
|
Long-Term Trade Payables & Other Payables |
2,498,000,000 |
2,508,000,000 |
2,508,000,000 |
|
Confirmed Salaries |
1,161,585,480 |
877,093,485 |
955,075,361 |
|
Deferred Income Tax Credit |
37,339,150,839 |
38,603,139,554 |
32,277,508,605 |
|
Capital Stock |
1,550,825,000 |
1,550,825,000 |
1,500,000,000 |
|
Capital Surplus |
7,737,554,070 |
7,737,554,070 |
100,000,000 |
|
Capital Adjustment |
-2,410,004 |
-2,410,004 |
- |
|
Others |
133,974,944,632 |
137,692,454,501 |
115,290,828,922 |
|
Profit Surplus |
155,815,028,579 |
152,740,551,748 |
146,372,885,847 |
|
Total Equity |
299,075,942,277 |
299,718,975,315 |
263,263,714,769 |
|
Liab. & Shareholder’s Equity |
350,706,891,855 |
358,222,147,954 |
309,343,350,347 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of
12/31/2014 |
As of
12/31/2013 |
As of
12/31/2012 |
|
Sales |
276,981,092,520 |
288,256,980,212 |
329,286,084,122 |
|
Cost of Sold Goods |
258,194,743,293 |
265,945,251,257 |
299,366,042,153 |
|
Gross Profit |
18,786,349,227 |
22,311,728,955 |
29,920,041,969 |
|
Selling & Admin. Expenses |
12,072,345,195 |
12,144,566,073 |
12,395,721,123 |
|
Operating Income |
6,714,004,032 |
10,167,162,882 |
17,524,320,846 |
|
Non-Operating Profits |
402,833,957 |
-367,575,221 |
-275,912,561 |
|
Non-Operating Income |
3,843,989,828 |
2,128,262,593 |
1,533,721,381 |
|
Non-Operating Expenses |
-3,441,155,871 |
-2,495,837,814 |
-1,809,633,942 |
|
Finance Profits |
2,296,733,196 |
2,520,989,965 |
2,341,361,835 |
|
Finance Income |
4,104,169,784 |
2,575,501,683 |
2,345,428,113 |
|
Finance Expenses |
-1,807,436,588 |
-54,511,718 |
-4,066,278 |
|
Profits from Investment on Related Companies |
-1,000,905,095 |
-64,726,394 |
- |
|
Income Before Taxes |
8,412,666,090 |
12,255,851,232 |
19,589,770,120 |
|
Income Taxes Expenses |
1,726,625,252 |
2,672,531,968 |
4,240,772,790 |
|
Net Income |
6,686,040,838 |
9,583,319,264 |
15,348,997,330 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of
12/31/2014 |
As of
12/31/2013 |
As of
12/31/2012 |
|
Operating Activities Cash Flows |
1,475,514,348 |
17,672,935,658 |
18,799,131,808 |
|
Cash
Flows from Operating |
623,266,005 |
19,868,718,364 |
24,770,165,718 |
|
Net
Income |
6,686,040,838 |
9,583,319,264 |
15,348,997,330 |
|
Adjustment |
917,372,564 |
1,335,346,021 |
2,641,627,725 |
|
Changes
in Asset/ & Liability |
-6,980,147,397 |
8,950,053,079 |
6,779,540,663 |
|
Interests
Received |
1,014,031,146 |
836,602,002 |
389,639,000 |
|
Dividends
Received |
1,464,272,000 |
1,490,598,000 |
1,702,797,000 |
|
Interests
Paid |
-123,173,952 |
-42,862,521 |
- |
|
Income
Taxes |
-1,502,880,851 |
-4,480,120,187 |
-8,063,469,910 |
|
Cash
Flows from Investing |
-3,815,862,233 |
-15,661,053,523 |
-9,448,804,340 |
|
Cash
Flows from Financing |
-3,564,729,105 |
1,103,854,693 |
-2,324,549,462 |
|
Increase/Decrease
in Cash |
-5,905,076,990 |
3,115,736,828 |
7,025,778,006 |
|
Cash
at the Beginning of Year |
14,598,207,709 |
11,502,537,633 |
4,476,397,454 |
|
Cash
at the End of Year |
8,688,883,639 |
14,598,207,709 |
11,502,537,633 |
Products, Technologies, Services Description
|
Main Products & Services |
Int’l Trading Division Manufacturing Division Lead ingots: Used in manufacturing Batteries for automotive and
industrial purpose Zinc
ingots: Used in plating the steel sheets and the steel tubes. |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
Trade Partners & Competitors
|
Suppliers |
YOUNGPOONG CORPORATION(110111-0003824) KOREA ZINC INC(110111-0168404) KOREA NICKEL CORP.(110111-0529482) |
|
Customers |
YOUNGPOONG CORPORATION(110111-0003824) KOREA ZINC INC(110111-0168404) YOUNG POONG PRECISION
CORPORATION(110111-0342496) |
|
Competitors |
SANGSHIN METALLIC CO., LTD. 4MA-402-2, SIHWA INDUSTRIAL COMPLEX, 701-3,
SEONGGOK-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-499-4011 FAX:+82-31-499-4016 WONIL METAL CO., LTD. 133B-3L, NAMDONG INDUSTRIAL COMPLEX, 704-2,
GOJAN-DONG, NAMDONG-GU, INCHEON, KOREA TEL:+82-32-817-6101~7 FAX:+82-32-817-6108~9 HWAJIN METAL CO., LTD. 608B-28L, BANWOL INDUSTRIAL COMPLEX, 632-5,
SEONGGOK-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-491-1125 FAX:+82-31-494-7489 |
Related Parties (Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates-Domestic |
YOUNGPOONG CORPORATION(110111-0003824) KOREA ZINC INC(110111-0168404) KOREA NICKEL CORP.(110111-0529482) YOUNG POONG PRECISION
CORPORATION(110111-0342496) KOREA CIRCUIT CO., LTD(130111-0026749) INTERFLEX CO., LTD.(135011-0042924) YOUNG POONG ELECTRONICS CO.,
LTD.(135011-0032106) TERRANIX CO., LTD(135011-0042950) YOUNG POONG DEVELOPMENT CO.,
LTD(110111-0612914) YOOMI DEVELOPMENT CO., LTD.(110111-0235542) KORYO HEAVY EQUIPMENT CO.,
LTD.(181211-0020558) SORIN YUTONG CO., LTD.(150111-0000012) YOUNG POONG BOOK STORE CO.,
LTD.(110111-0855530) SORIN I & T CO., LTD.(110111-1260077) KORYO ENERGY CO., LTD.(181211-0022421) SYSTEMS TECHNOLOGY
INCORPORATED(134611-0009460) CLEAN KOREA CO., LTD.(134711-0004996) SIGNETICS CORP(110111-0070815) KG ENGINEERING CO., LTD.(110111-2102153) ALANTUM CORPORATION(131111-0215078) |
|
Affiliates-Overseas |
COLWELL KENNEDY AUSTRALIA PTY., LTD. SUN METALS CORP. PTY. LTD. YOUNGPOONG JAPAN CO., LTD. |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
SORIN INVESTMENT DEVELOPMENT CORPORATION(110111-0074544) (100.0% held by the subject company) KZI SINGAPORE PTE. LTD.(SINGAPORE) (100.0% held by the subject company) PT. KZI INDONESIA |
|
Corporate Ownership |
KOREA ZINC INC(110111-0168404) |
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company HANWHA NON-LIFE INSURANCE CO.,
LTD.(110111-0006456) SAMSUNG
FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
Sales by Region (Activity & Markets)
|
Sales/ Unit
: KRW |
2010 |
2009 |
2008 |
|
Export |
238,073,110,682 |
292,505,953,800 |
275,919,113,117 |
|
Domestic |
148,967,017,096 |
124,995,561,644 |
133,431,701,716 |
|
Others |
227,410,655 |
201,822,199 |
131,475,122 |
|
Total |
387,267,538,433 |
417,703,337,643 |
409,482,289,955 |
The subject deals with
the companies in Taiwan, India, Indonesia, Philippines, Vietnam and USA.
Court Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount
(Million KRW) |
Status |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.37 |
|
UK Pound |
1 |
Rs.92.44 |
|
Euro |
1 |
Rs.66.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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.