|
Report No. : |
318870 |
|
Report Date : |
24.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAE-A TRADING
CO., LTD. |
|
|
|
|
Registered Office : |
429, Yeongdong-daero, Gangnam-gu, Seoul, Korea,
8th Fl., Sae-a Venture Tower, 135-846 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
04.07.1988 |
|
|
|
|
Com. Reg. No.: |
114-81-56118 |
|
|
|
|
Legal Form : |
Company Limited By Shares |
|
|
|
|
Line of Business : |
Manufacture of Shirts and Sports Garments |
|
|
|
|
No. of Employees : |
898 |
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) |
|
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 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 |
|
Company Name |
SAE-A TRADING
CO., LTD. (Korean Company
Name : “세아상역(주)”) |
|
Registered Address |
429, Yeongdong-daero, Gangnam-gu, Seoul, Korea |
|
Building |
8th Fl., Sae-a Venture Tower |
|
Zip Code |
135-846 |
|
Tel |
+82-2-6252-7000 |
|
Fax |
+82-2-6252-7002 |
|
E-mail |
kms@sae-a.com |
|
Website |
www.sae-a.com |
|
Trading Address |
8th Fl., Sae-a Venture Tower, 429, Yeongdong-daero,
Gangnam-gu, Seoul, Korea (Old Address System : 8th Fl., Sae-a
Venture Tower, 946-12, Daechi 3-dong, Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-6252-7114 |
|
Fax |
+82-2-6252-7002 |
|
Other Address-Branch Office |
54, Sapyeong-daero 57-gil, Seocho-gu,
Seoul, Korea |
|
Tel |
|
|
Fax |
|
|
Other Address-Branch Office |
250, Gyeonggidong-ro, Dongtan-myeon,
Hwaseong-si, Gyeonggi-do, Korea |
|
Tel |
|
|
Fax |
|
|
Type |
Export |
|
Industry |
Manufacture of Shirts and Sports Garments |
|
Main Business |
Knit, Garment, Shirt |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
07/04/1988 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Sweaters(53101700) |
|
Name |
Kim Tae-Hyung |
|
Address |
Suite 601, 72, Sunnung-ro 190 gil, Gangnam-gu,
Seoul, Korea |
|
Date of Birth |
03/19/1962 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
15,252,564,500 |
|||||||||
|
Employees |
898 |
|||||||||
|
Formation |
Co., Ltd by shares |
|||||||||
|
Bank Details |
Hana Bank-Gangnam Branch Korea Exchange Bank-Sunnung Branch Shinhan Bank-Nonhyun Branch Woori Bank-Trade Center Branch |
|||||||||
|
Corporate Registered No. |
110111-0581565 |
|||||||||
|
Business Registered No. |
114-81-56118 |
|||||||||
|
Permit & Licenses |
Int’l Trade No.: 934169 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
07/04/1988 Incorporated as the present name 09/01/2000 Moved to the present HQ address
from 736-15, Banpo-dong, Seocho-gu, Seoul, Korea 03/31/1997 Increased the authorized shares
to 120,000 shares from 60,000 shares 04/10/1998 Increased the authorized shares
to 500,000 shares from 120,000 shares 04/17/1998 Increased capital to
1,500,000,000 KRW from 1,000,000,000 KRW 12/29/1998 Increased capital to
2,500,000,000 KRW from 1,500,000,000 KRW 03/11/1999 Increased the authorized shares
to 1,000,000 shares from 500,000 shares 03/11/1999 Acquired Nawoo Trading Co.,
Ltd.(110111-1418965) 03/11/1999 Increased capital to
3,000,000,000 KRW from 2,500,000,000 KRW 08/10/1999 Increased capital to
4,000,000,000 KRW from 3,000,000,000 KRW 12/28/2001 Increased capital to
6,000,000,000 KRW from 4,000,000,000 KRW 11/2005 Awarded US$300 Million Export Top
Prize 11/2006 Awarded US$500 Million Export Top
Prize 04/2007 Acquired NASAN CO., LTD., at
350,400,000,000 KRW 11/2007 Awarded US$600 Million Export Top
Prize 11/2009 Awarded US$800 Million Export Top
Prize 03/31/2010 Increased the authorized shares
to 100,000,000 shares from 1,000,000 shares 03/31/2010 Increased capital to
15,000,000,000 KRW from 6,000,000,000 KRW 05/27/2010 Split off the par value to 500
KRW from 10,000 KRW 12/27/2013 Acquired GLOVIA CO.,
LTD.(Korea) 12/27/2013 Increased capital to 15,252,564,500
KRW from 15,000,000,000 KRW |
|||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Kim Tae-Hyung |
Male |
Korean |
07/10/2008 |
|
Co-President & CEO |
Mr. |
Ha Jung-Soo |
Male |
Korean |
04/01/2015 |
|
Director |
Mr. |
Kim Woong-Ki |
Male |
Korean |
07/27/1995 |
|
Director |
Mr. |
Kim Soo-Nam |
Male |
Korean |
07/27/1995 |
|
Auditor |
Mr. |
Jung Dong-Ha |
Male |
Korean |
04/13/2009 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
1,424,910,187,432 |
758,144,118,709 |
20,857,299,838 |
|
|
2013 |
1,325,742,414,933 |
772,669,129,133 |
17,660,726,181 |
|
2012 |
1,296,106,444,332 |
693,961,276,676 |
36,672,404,794 |
|
2011 |
1,225,777,944,675 |
599,785,368,727 |
19,162,266,225 |
|
2010 |
1,093,863,988,790 |
531,812,272,627 |
31,956,353,449 |
|
2009 |
1,142,605,631,639 |
491,845,834,893 |
29,627,219,037 |
|
2008 |
856,449,940,223 |
463,864,931,278 |
36,472,578,699 |
|
Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
15,252,564,500 |
|
Total Issues Shares |
30,505,129 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
758,144,118,709 |
772,669,129,133 |
693,961,276,676 |
|
Current Assets |
461,420,089,261 |
448,276,229,396 |
424,147,867,570 |
|
-Quick Assets |
222,780,045,107 |
214,184,529,838 |
213,625,491,574 |
|
-Inventories |
238,640,044,154 |
234,091,699,558 |
210,522,375,996 |
|
Fixed Assets |
296,724,029,448 |
324,392,899,737 |
269,813,409,106 |
|
-Investment |
199,046,341,322 |
162,610,282,649 |
178,458,469,340 |
|
-Tangibles |
85,022,466,336 |
155,448,196,975 |
84,930,602,154 |
|
-Intangibles |
1,292,506,210 |
1,657,604,533 |
1,884,768,397 |
|
-Others |
11,362,715,580 |
4,676,815,580 |
4,539,569,215 |
|
Total Liabilities |
476,688,210,995 |
512,423,092,900 |
441,753,282,839 |
|
Current Liabilities |
444,864,421,802 |
427,178,973,780 |
412,237,371,853 |
|
Fixed Liabilities |
31,823,789,193 |
85,244,119,120 |
29,515,910,986 |
|
Capital Stock |
15,252,564,500 |
15,252,564,500 |
15,000,000,000 |
|
Capital Surplus |
6,594,077,661 |
6,594,077,661 |
- |
|
Profit Surplus |
248,954,875,752 |
228,097,575,914 |
210,436,849,733 |
|
Capital Adjustment |
10,654,389,801 |
10,301,818,158 |
26,771,144,104 |
|
Total Equity |
281,455,907,714 |
260,246,036,233 |
252,207,993,837 |
|
Liab. & Shareholder’s Equity |
758,144,118,709 |
772,669,129,133 |
693,961,276,676 |
|
Current
Liabilities |
444,864,421,802 |
427,178,973,780 |
412,237,371,853 |
|
Trade Payables |
99,816,041,307 |
97,032,753,099 |
104,337,809,097 |
|
Short-Term Borrowings |
16,516,479,800 |
11,792,154,690 |
|
|
Trade Finance |
109,491,100,000 |
103,790,300,000 |
119,344,800,000 |
|
Usance
Borrowings |
121,682,303,526 |
106,785,183,224 |
119,770,901,989 |
|
Borrowings |
72,222,080,000 |
92,519,776,663 |
51,189,172,440 |
|
Current
Portion of Long-Term Debts |
5,954,366,400 |
2,000,000,000 |
3,391,100,000 |
|
Advance
Receipts |
127,819,969 |
3,819,536,329 |
128,950,354 |
|
Accrued Expenses |
2,862,729,402 |
2,174,249,653 |
6,516,867,455 |
|
Withholdings |
3,833,689,591 |
2,909,518,378 |
305,348,694 |
|
VAT Withhold |
61,055,287 |
154,514,997 |
37,820,975 |
|
Derivatives |
16,284,940 |
184,720,194 |
- |
|
Accrued Income Tax |
12,280,471,580 |
3,714,682,730 |
7,214,600,849 |
|
Current
Portion of Deferred Income Tax Credit |
- |
301,583,823 |
- |
|
Fixed
Liabilities |
31,823,789,193 |
85,244,119,120 |
29,515,910,986 |
|
Long-Term Borrowings |
16,029,633,600 |
57,953,000,000 |
13,920,000,000 |
|
Provision for Severance & Retirement |
26,388,611,340 |
20,165,202,690 |
16,335,041,041 |
|
Leasehold Deposit Received |
528,634,080 |
11,311,322,380 |
2,130,205,780 |
|
Non-Current Portion of Deferred Income Tax
Credit |
15,251,590,543 |
15,454,505,776 |
13,333,078,229 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
1,424,910,187,432 |
1,325,742,414,933 |
1,296,106,444,332 |
|
Cost of Sold Goods |
1,185,664,031,287 |
1,130,400,339,864 |
1,103,553,043,643 |
|
Gross Profit |
239,246,156,145 |
195,342,075,069 |
192,553,400,689 |
|
Selling & Admin. Expenses |
158,441,975,299 |
135,876,683,891 |
127,865,289,426 |
|
Operating Income |
80,804,180,846 |
59,465,391,178 |
64,688,111,263 |
|
Non-Operating Income |
41,389,048,788 |
46,801,677,355 |
46,257,041,946 |
|
Non-Operating Expenses |
86,585,255,438 |
71,926,889,719 |
54,314,191,967 |
|
Income Before Taxes |
35,607,974,196 |
34,340,178,814 |
56,630,961,242 |
|
Income Taxes Expenses |
14,750,674,358 |
16,679,452,633 |
19,958,556,448 |
|
Net Income |
20,857,299,838 |
17,660,726,181 |
36,672,404,794 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Cash Flows from Operating |
3,601,048,343 |
21,867,853,841 |
-33,831,046,510 |
|
-Net Income |
20,857,299,838 |
17,660,726,181 |
36,672,404,794 |
|
-Exp. without Cash Outflow |
57,206,631,326 |
43,596,016,572 |
36,586,073,393 |
|
-Revenue without Cash Inflows |
-10,952,507,151 |
-16,911,131,422 |
-24,037,788,849 |
|
-Changes in Asset/ & Liability |
-63,510,375,670 |
-22,477,757,490 |
-83,051,735,848 |
|
Cash Flows from Investing |
-802,415,328 |
-20,975,657,124 |
-34,636,124,192 |
|
-Cash Inflow from Investing |
24,652,236,693 |
15,443,363,968 |
38,383,244,762 |
|
-Cash Outflows for Investing |
-25,454,652,021 |
-36,419,021,092 |
-73,019,368,954 |
|
Cash Flows from Financing |
549,174,645 |
4,847,777,155 |
60,560,188,078 |
|
-Cash Inflows from Financing |
677,681,644,521 |
656,767,845,849 |
633,964,510,133 |
|
-Cash Outflows from Financing |
-677,132,469,876 |
-651,920,068,694 |
-573,404,322,055 |
|
Increase/Decrease in Cash |
3,347,807,660 |
5,739,973,872 |
-7,906,982,624 |
|
Cash at the Beginning of Year |
24,163,980,025 |
18,424,006,153 |
26,330,988,777 |
|
Cash at the End of Year |
27,511,787,685 |
24,163,980,025 |
18,424,006,153 |
|
Main Products & Services |
Knit, Garment, Shirt |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
TARGET WAL-MART ABERCROMBIE & FITCH GAP INC. AEROPOSTALE |
|
Competitors |
YAKJIN TRADING CORPORATION 5TH FL., YEONG BLDG., 166-9, GARAK-DONG,
SONGPA-GU, SEOUL, KOREA TEL:+82-2-430-1101 FAX:+82-2-449-4500 PAN-PACIFIC CO., LTD. 726, WONSI-DONG, DANWON-GU, ANSAN-SI,
GYEONGGI-DO, KOREA TEL:+82-2-850-9000 FAX:+82-2-830-1011 SAMIL KNIT CO., LTD. 190-99, SANGJISEOK-RI, GYOHA-MYEON,
PAJU-SI, GYEONGGI-DO, KOREA TEL:+82-2-3451-6724 FAX:+82-2-598-7422 |
|
Affiliates |
EINS TREND INC.(110111-3126136) |
|
Joint Venture |
|
|
Subsidiary |
SAE-A INTERNATIONAL (100.0% held by the subject company) WINNERS CORP. (100.0% held by the subject company) SAE-A TECNOTEX (100.0% held by the subject company) PT.WINNERS INTERNATIONAL (100.0% held by the subject company) EINS VINA (100.0% held by the subject company) SAE-A AMERICA (80.0% held by the subject company) SAE-A PUEBLA (100.0% held by the subject company) PT.EINS TREND (100.0% held by the subject company) EINS S.A (100.0% held by the subject company) IN THE F CO., LTD.(EX. NASAN CO., LTD.
110111-0279996) (69.0% held by the subject company) IN THE F GAESUNG CO., LTD.(NORTH KOREA) (100.0% held by the subject company) SENIKA (100.0% held by the subject company) SJS TOMORROW (99.0% held by the subject company) PT.WIN TEXTILE (70.0% held by the subject company) KJ VINA EINS(CAMBODIA) CO.,LTD S&H GLOBAL GLOVIA CENTEXSA,S.A SAE-A SPINNING, S.R.L. |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
|
Sales/ Unit : KRW |
2014 |
2013 |
2012 |
|
Export |
1,418,852,985,721 |
1,324,114,540,327 |
1,290,906,846,244 |
|
Domestic |
6,057,201,711 |
1,627,874,606 |
5,199,598,088 |
|
Total |
1,424,910,187,432 |
1,325,742,414,933 |
1,296,106,444,332 |
The Subject exports
to USA.
No.
-----
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.19 |
|
|
1 |
Rs.94.94 |
|
Euro |
1 |
Rs.67.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.